Market posts will be short this week. I will be trading, but trying to take it easy too.
Futures have gapped down and look heavy. I will let the market settle in and look for a spot to try calls for a bounce. I got whacked on my calls last week after realizing too late that Friday was a holiday. I've been cautioning that the market's form may be changing. Indeed it has. There is still one pattern left that could produce new highs, but for now I will only game a bounce.
The 50-day MA is at 1370 and may get challenged today or tomorrow. The big number for me is 1340.03 on the cash S&P. Any indication that the market is unsatisfied with the 50-day MA and 1340 could be the next zone.
Those bearish falling wedges that appeared last week may have been an early warning sign.
No comments:
Post a Comment