Trumped again . . . the press conference was always going to be a concern and Mr Trump didn't disappoint.
Technical targets hit and the bots and humans both pile in to defend the area pretty much as expected (ref my previous post). Unfortunately I don't think it's quite over yet and I'll feel cheated if the LOWS aren't retested in the near future to check out the resolve of them there BULLS. I could just as easily be wrong but there's something nagging me looking at the daily chart where there is a large PRICE magnet further down at the 38% retrace from the August '16 LOW. That area around the 112.00 give or take 50+/- has a huge amount of historical business going on (look to the left on the daily time frame and you'll see it). If PRICE did get there over the next 10/14 days then the daily 100SMA would have caught up and there would most definitely be a buying frenzy as traders and BOTS alike pile in on the BUY side. Trump would be in the White House, BEARS would be satisfied for an overdue pull back and BULLS would be happy at getting in a fair VALUE to take it to new HIGHS . . . almost a fairytale scenario :)
The daily bar is looking very much like a long legged "doji" atm . . . indecision all around with no bias being rejected both top and bottom.
I remain a BULL long term but am occasionally wearing a BEAR hat intraday.
Technical targets hit and the bots and humans both pile in to defend the area pretty much as expected (ref my previous post). Unfortunately I don't think it's quite over yet and I'll feel cheated if the LOWS aren't retested in the near future to check out the resolve of them there BULLS. I could just as easily be wrong but there's something nagging me looking at the daily chart where there is a large PRICE magnet further down at the 38% retrace from the August '16 LOW. That area around the 112.00 give or take 50+/- has a huge amount of historical business going on (look to the left on the daily time frame and you'll see it). If PRICE did get there over the next 10/14 days then the daily 100SMA would have caught up and there would most definitely be a buying frenzy as traders and BOTS alike pile in on the BUY side. Trump would be in the White House, BEARS would be satisfied for an overdue pull back and BULLS would be happy at getting in a fair VALUE to take it to new HIGHS . . . almost a fairytale scenario :)
The daily bar is looking very much like a long legged "doji" atm . . . indecision all around with no bias being rejected both top and bottom.
I remain a BULL long term but am occasionally wearing a BEAR hat intraday.
