Broke Out Of The Trend Line On 10/14 & Rallied Straight To 120 Rejecting Off Top Of The Weekly Channel. Showed Relative Strength Despite /NQ Selling Off Last Week.
Something To Consider = We Are At Top Of The Channel, We Need A Lot Of Volume To Step Up In Order To Break Out; Possible Rejection & Retrace Back Towards 117.50 - 118.50 Region. We Want This Area To Hold In Order To Leg Higher!
The IV & Contract Prices Will Be Inflated This Week Due To Earnings On Wednesday. Potential Small Pop Before Earnings; A Retrace Finding New Support Then Blast Off Similar To Last Earnings
Something To Consider = We Are At Top Of The Channel, We Need A Lot Of Volume To Step Up In Order To Break Out; Possible Rejection & Retrace Back Towards 117.50 - 118.50 Region. We Want This Area To Hold In Order To Leg Higher!
The IV & Contract Prices Will Be Inflated This Week Due To Earnings On Wednesday. Potential Small Pop Before Earnings; A Retrace Finding New Support Then Blast Off Similar To Last Earnings