This is my last post of the trip because I'm behind schedule and I'll be driving instead of writing during the pre-market as is usually my custom.
The way I see the S&P at this point, it must either break hard, well below today's 1298.90 low, or it will likely bounce. How high the bounce goes is important. If it were to get above Tuesday's 1333.19 high, it could challenge the 1339.10 38% Fib level or even higher.
There is a lot of political risk in the market now that can cause screwy things to happen. So far the market is telling us that the trend is still down, but sometimes it likes to throw us off its trail and confuse us. Now is a great time to play the edges -- the price extremes. The swing points. That's where the better odds are for the near term.
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