What does this mean? The market will go down? -- NO! And I will explain why below
At most I could see a short squeeze tomorrow meaning price would gap up and push in the morning and MAYBE just maybe a sell-off to a soft support (They are marked on the chart). Beyond that I think the 290/291 is very magnetic right now and beyond that a jam into 295 before a significant sell-off(10-15 dollars).
Listen all I am saying is don't be johnny come lately (buying calls when it reaches 290/291) when it comes to this push and don't be putting in shorts while the bulls have momentum! Both ways you will have a tough day when it comes time.
My values on the chart come from important values in the past and just overall feel of the market. Today we set up a nice soft support at the high from last week. Resistance is above around 290/291 and hard support is from yesterday. Look at the values on the chart!
Follow me for more common sense and not crazy predictions that have bias built into them. Thanks and let me know what you think!
This came true and the people who shorted the market yesterday got a pie in the face and the Johnny come latelys also got a pie in the face.
Now what does this mean going forward? This is a bull fumble so far if we can close above 288 I think we will be set up for a nice gap up tomorrow. After all we made a new high and retested a support (285.60).. as long as it stays support.
Whats it saying today? To me it looks like a very bullish day with no bear signs and I like how it ended. Possibilities for tomorrow:
--It ended on a nice soft support level setting up for a small gap up in the morning around 295.00. I like this zone but I don't like above too much.. I get antsy around 297. I think everyone is going to be skittish and ready for a pullback before we pass that.
--It gaps down reaching a nice support around 292.04 after that I think it becomes a rising wedge/bullish pumping up to 294. After that I think the bulls will definitely shoot for a strong push. Yes I realize a gap down and a rising wedge is a bearish signal, but guess what I don't care and I really doubt the market does as well. Look at examples from 2 weeks ago.
That's all for this post. After tomorrow I am closing it because my target was reached :)