Tomorrow will be a decisive day for this rally; it will either reverse short on continue with a lot of strength.
The in many timeframe looks awful: in the 4 hrs , daily and weekly. So IMO , we need a breakout of these double-tops in the tomorrow or there will be a selloff, triggered end of the day/next week, and it could be violent. VXX is, at the same time, making a double-bottom. And on top of that, tomorrow is Friday 13th! It just looks so awful.
If a breakout of the is confirmed, well then a lot of upside is to be expected.
To resume; next week very or very . In the meantime, I'm sitting on cash, watching, and waiting to pull the trigger.
Have a nice Friday 13th!
I have to leave for a BBQ soon, I will be watching on my phone from time to time though. Have a nice weekend!
A successful and confusing trading day today. The market just doesn’t wanna drop; every time it does, it comes back. So, it is not easy.
Anyway, if you look at the weekly chart, you can see that we are very close from January high, and that the weekly RSI is making a double-top. Even though the chart looks very bearish (H&S, lower high, etc.), there is still a good chance that this double-top on the RSI doesn’t work out. The chart looks awful and the 4hrs RSI is falling, as such, I remain short unless new info suggests the opposite. We are still in an uptrend though, there is hope!
Have a nice weekend,
Tomorrow side way, wednesday at support?
That's the way i see it as of now, mainly because i think that we could face a lot of resistance at 280.50, and a quick rally to the previous high could involve too much buying which could exhaust it and make a double-top at the same time. Basically, I prefer a flat few days following by a rally at the end of the week (Thursday, Friday).
I also closed my short thank God sold the puts for 4.55 they are 3.40 today. Hang in there watch and wait- like a patient Spyder. GL!