If you find the big red arrow, I was waiting to see if SPXU would bounce or fall through the support. Once the bounce occurred, I bought. I've been struggling to sell at the most optimum point. So I've been looking for chart patterns to give me clues. At the end of the day, we had what looked like a double top. I picked $41.95 as my exit; however, my internet...
Still holding my shorts. I tried to sell half of them at the most optimal time but my internet crapped out on me. Was hoping for a revisit but never happened. I'll try posting my SPXU charts. That's what I use to short the market.
Looking for the market to re-enter the November channel (black parallel lines). Might be wishful thinking but a lot of my other...
Gap is nearly filled. Looking for the momentum to take us to 2715 (+/- 5). I think then the bears will take over. 2700 and 2715 have been supportive and resistance levels. If bears do take over, I think we'll break the longtime support (blue line) and finally stay below it.
This my guess, not trading advice.
Hopefully you bought before yesterday's close and sold this morning... I said it was short term.
If you didn't, no biggie. Coming up to a long term resistance level. I'm neutral and going to wait this one. But if I was a gambling man, I would bet we'll hit the resistance and drop.
Takeaways from today's close:
1. There was a bullish exit from the ongoing Bear pennant. Great for Bulls.
2. SPX was unable to breakout the November channel. Good for Bears.
3. Gap was nearly filled with close. I was looking for the fill before going long with the Bears.
I'm neutral right now, and I'm waiting for the open of tomorrow to decide which way to...