Now were up against the roof of the action...going from 1217 to 1240 likely sellers short term at worse...going into NFP and tax loss selling could see some volatility...long term looking for DIPS to buy...i wouldn't chase....
3 trend line touch...then a short term retest of the major zones going back years and support at 1210-1215...looks like such...will need to see it hold here..if not seasonality of end of year tax selling could take us back down to the 1180 plus land...cheers either way and use stops!
If volumes are light and algos in control due to lack of players in markets due to holidays expect chop while basing in lower ranges...Some W forms on the up trend line then we should go higher...if trend line fails..BEWARE>..1180's in play for a retest...
Be aware of the options markets..will likely hold gld under 115 and gold under 1215 range....good luck..nice scalp..nice profit.... 113.50's to 114.8 and 115 solid 24 hours of work..
GLD at 115 is the 100d as well..likely acts as resistance
Buys from mid 113's on turn around tuesday worked perfectly.....chop chop
Been watching this sub 1200 level for stops knocking and potential look below and fail of ranges here to get back into the 1215-1238 range..if we cant hold 1200's expect the 1180's floor before the end of the year...cheers.
Another area of important now that we have gone below 1210. Could it be a bear trap?? It’s possible. Worth a scalp with a stop. If a trap 1230’s should come at some point. Risk vs reward worth it. Small loss with potential for large gains. Be safe
Holding some important areas near and below 60. Aramco Ipo next year..doubt they are ok with 50-60 $ oil for such..imagine they want 80-100$ oil. Easy buy with stops...Look at XLE/XOP service names as well for potential pops like VNOM, CRZO WLL HFC CXO CLR PXD EOG
Gold wide and loose after basing...look up and fail....possible look below and fail...worth watching. Trading probabilities and nothing certain or easy when bottoming or topping..check spring highs and old post for reference to such and trying to predict it in march/april. Cheers.
Bigger channel in tact...down trend from spring broken going up. Could see a retest of the 61.8 retrace and old down trend/channel lows if needed. Next week is options expiration and could be choppy. Keep it simple..long term With the fast drop be aware options Implied Volatility is high...Selling out of the money puts could be a good play here out into ...