Some number just came out (NFP, haha). I'm just trying to figure out why yesterday's post about "The Scream" got so many hits! I hope it means people are starting to become interested in socionomics.
Today I will be watching 1395.32. Above 1395.32 today and the market could deliver an epic screw job. That's the market's job, by the way, to fool the most amount of people the most amount of time. That is how big moves happen. The psychology of the marketplace swings to one side and the sudden mass perception of the opposite opinion causes a stampede to the other side.
The same thing occurred yesterday, but in reverse. A move above 1401.42 could have changed the dynamic, but price never got there. The trap door opened. I didn't listen. I was so concerned that two of my short positions (inverse ETFs SMDD and SPXU) were due to reverse split next week that I dumped them -- right before the market broke down. Nice work, dude.
Emotions have no place in trading decisions.
If price does not find support -- it is just below a big 38% Fibonacci level -- the next level is the 1:1 Fibonacci target at 1382 and the 61.8% Fib level at 1380.
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