After a strong rally to the upside it's hard to see price moving downward, afterall we've bean hearing a lot of possitive news througout the media. But as a trader aren't we supposed to be contrarians? Well after looking at how today ended It could be hypothesised that the stong move to the upside has calmed down since bulls failed to break through recisstance and were pushed to lower levels. I interpet this as a bearish signal which can be traded in 3 ways, 2 being the ones drawn out in the chart. The other a more long term and risky trade with stops at 300 looking for a long term reversal back into the december lows. Although nothing is ciertan as of yet this market should be watched closely since it could have severe implications on the future of the world economy.
Comment: Seems like today's market gap up cancelled any probability of taking this trade. This could be expected from the after hour fluctuations of the futures market. However my position on the index remains bearish although a move to the ATH (All time hights) is quite likely at the moment. Even though we're seeing some over extension to the upside in many of the short term time frame we could see a reversal to test new lows and bounce from there. I wouldn't recommend taking any trade in this scenario since I feel price action could really go both ways today.
Comment: It seems as if futures weren't able to breakthrough support but the day seems to be pushing lower, it's not time to enter the trade yet but if we begging to move lower then it would be a good trade. Not being able to push lower in the next two days would mean we turned bullish again but for now let's keep those bear hopes up
Comment: this week defenatly was interesting and slow, we saw how the bulls and bears just go at each other trying to decide where the market should go next and both sides seem to have a strong argument although I belive bears have fundamentals on their side. Yet bulls have setiment on theirs. With futures having a strong bullish set up for tomorrow and sunday Mondays open could be quite interesting, but going on for the bears is the doji on the weekly close which shows a lack of strength in for the bulls. Who will break first bulls or bears?
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