Taking It Easy After A Long Drive

The market has opened at the 62% retracement of the fizzle from Friday's highs. Ordinarily this is a sell zone for me. Today I'm just too tired to wake up and start work. Yesterday was a loooong drive. Plus it's a FMOC day. I have no problem taking it easy and waiting for price extremes today.

I was encouraged by the price action yesterday. The 38% retracement level at 1225 was missed by just 2 points or so. But the move from the low until around 2:40pm EST looks sloppy as hell and very much like the signature HFT footprint of (High Frequency Trading) machines buying and selling to each other until price can be made to levitate. I've seen a lot of these in the past several years. I've been duped by a good many of them while waiting for "another low," when instead the sloppy action was the first sub-waves of a new move higher.

I will reserve judgement until more information becomes available. If this is the start of the upthrust I've been anticipating, 1258.25 should be exceeded without much effort. Then 1292.66 would be the target, and possibly 1308.

I continue to see the downside as 1200 for now -- but much lower once the market's work is finished creating the illusion of safety.