The past 2 days trading tell me that this market is near the top of its range, and will have a hard time adding gains above 1125. Two consecutive black candle bars tell me that we are late in the rally. I doubt there is fuel in this market to take it back to yearly highs, but we could go as high at 1135 in the next 2 weeks. I have covered my position overnight and will look to get back on the short side after the NFP. I am reluctant to play the long side here, because there isn't much room to go higher but plenty of room to go lower. I still believe that we will consolidate near the upper end of the trading range for several days before having a sustained correction.
For today, I am looking for a slight dip in the first hour and then rallying slowly for the rest of the day.
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3 comments:
Europe is the only one who brought their markets higher. Asia & India brought theirs down. Either we bring our markets down today or we continue to rally.
Have you seen SCOK
show me the money SWHC
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