Yesterday was an inside day on the S&P cash. Today I'll be watching for the 1180-1204 range to be broken.
My sense is that there is a little work to do below first. There is some Fibonacci confluence surrounding the 1165 area that might attract prices. Or, I still see the 1215 level as a target too.
Overall, I still feel this is a bounce that will be retraced, but only after it frustrates and confuses bears to no end. I do not intend to be one of them. I seek to identify what seem like extreme price targets on a daily basis so that the market does not end up surprising me.
Surprises are for birthdays. In trading, they can lead to frustration, confusion, and destabilization. Having one or more expectations for price is the antidote.
In FX action, I note that the Aussie dollar has exceeded its 50% retracement from the 8/9 lows and is likely targeting 1.06389, the 61.8% Fib target. This may generally say "risk-on" for the short term.
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