Intermediate Tops aren't typically put in place with single day sell-offs, and I'm anticipating a test of the 1170-1175 area. That doesn't mean we won't get rotations (pullbacks) along the way in the Resistance Areas, but one day of selling is no reason to go all-out bearish on the market. My Bull/Bear Line in Sand is still 1157.50; a break of that level could result in Long Liquidation and the Bears are antsy and prepared to pounce on this market, so we could move down to the 1145 or even 1139-1140 area. On the bright side, it's nice to see some volatility back in the market! Keep an eye on the XLE (Energy ETF); it could give provide a heads-up on short-term market direction. Final note: Anything can happen at anytime! Be prepared and trade well!
Econ Data
GDP at 7:30 AM (CT), Consumer Sentiment at 8:55 AM (CT).
ES - Daily Chart with Volume Profile and Key Levels
How do you determine your line in the sand?
ReplyDeleteThanks,
Drewha