The trend up held all day intraday. We pushed right to resistance and held steady into the close. Problem is that it comes on lighter volume; quite a bit lighter in fact. So we have the first push back up on lighter volume and the question becomes ... how far can they push with less folks in the candy store?
I suggested earlier that today and tomorrow morning offer the opportunity to push and push they did. I started shorting today and will continue tomorrow if prices continue higher. I've waited the better part of a half of year for a situation to setup that we can press into. I believe this is that situation and I believe the press is to the downside. It's pretty cut and dry. Either we are correct and make some serious pennies here or we will be hung out to dry and be quite fried. All you can ask for is the setup.
So, tomorrow look for a potential continuation push in the morning. You have the oil inventory numbers in the morning that could do just about anything to that bubbling crude, the Fed on Thursday and more eco news on Friday not to mention holiday trading into the weekend and then earnings starting to trickle in as well as the second half of the year. Usually the mark ups, if they are to occur happen this week so there's a bevy of cross currents flowing here. Above it all is the charts though and they show resistance on the SPX at the current price points, again at 1205-06 and then the heavier last stand type resistance at 1210-1212. On the DJIA it's resistance at the current price point with heavier resistance at 14450 while on the NASDAQ, 2077 is the number to watch.
I'm focused on the short side right here. Could be wrong and it will be painful if true but the charts sure seem to be lining up for another leg down off of the reversals of last week.
I suggested earlier that today and tomorrow morning offer the opportunity to push and push they did. I started shorting today and will continue tomorrow if prices continue higher. I've waited the better part of a half of year for a situation to setup that we can press into. I believe this is that situation and I believe the press is to the downside. It's pretty cut and dry. Either we are correct and make some serious pennies here or we will be hung out to dry and be quite fried. All you can ask for is the setup.
So, tomorrow look for a potential continuation push in the morning. You have the oil inventory numbers in the morning that could do just about anything to that bubbling crude, the Fed on Thursday and more eco news on Friday not to mention holiday trading into the weekend and then earnings starting to trickle in as well as the second half of the year. Usually the mark ups, if they are to occur happen this week so there's a bevy of cross currents flowing here. Above it all is the charts though and they show resistance on the SPX at the current price points, again at 1205-06 and then the heavier last stand type resistance at 1210-1212. On the DJIA it's resistance at the current price point with heavier resistance at 14450 while on the NASDAQ, 2077 is the number to watch.
I'm focused on the short side right here. Could be wrong and it will be painful if true but the charts sure seem to be lining up for another leg down off of the reversals of last week.
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