Bearish or Bear trap, that is the question... the question that I cannot definitively answer :-).
Please know, my overall bias here is neutral. I am waiting for confirmation one way or the other to position myself.
Safe trades everyone!
Comment
⋅
I forgot to add in the video, Inversely, from where we are, what would confirm bearishness for me and that we likely won't see really any more upside is if we open and hold below 397 tomorrow and continue to sell. That would be invalidating the current uptrend and I would be more comfortable scaling in short at that time. Until them, its unfortunately a waiting game to see how this plays out either way.
it’ll be tough to get back out of the range we broke into today. I hoped we bounce but we broke in. I do agree 397 is key. If we don’t gap above and out of the range to the upside the deal is sealed simply because I don’t think there’s any catalyst or cheap/low volume that would help push us out of it. Powell today sent 4 of his bois on a mission and their goal was to crush stocks. he’s coming Wednesday and you bet he’s pissed after seeing those Black Friday sales
abigreen
⋅
Thanks for the video ! Agree with the bear trap thesis, I think we'll consolidate further to 390 level before heading higher. I am still looking at 405-407
sharkey214
⋅
thx for all you do mate. love your analysis
eminalopalop
⋅
Thank you, Steve, for your video analysis and the bear trap hypothesis. It would be great to see a bounce to $410, the major trend line touch, therefore we could start confidently loading on put options:) Do I reason like an average JOE?lol
@zzzikaikazzz I was so wrong todays pivot went dovish
zzzikaikazzz
⋅
@Steversteves dovish sentiment Powell. I hope we break this trend line for the 3rd touch on the Day and
PenguinInvest
⋅
we're definitely above 397 right about now
DocKenneth
⋅
Beginning our 4th week with closes above 30-week SMA, and that hasn't happened since December of last year. Long-term still looking somewhat bullish as long as continue to close above 30 week SMA (around 392 currently).