Im on the road all day today, my connection flight is being delayed over 4hrs now.
Had no time do a research, so can be wrong or can be right:)
First of all Fri low came exactly on CPI gap open! I did tweet about it on Fri that I expected that number to be at least good for a bounce. It just stopped there.
Closing above afternoon highs is usually a bullish sign going into Monday.
But making new lows on Fri means that more weakens to come next week, which I do expect to happen with a low to come on the 22nd.
21st is a winter solstice, can mark a low or a high, I expect a low in 3750SPX zone.
My best thinking is that we either make a low to 3808-12SPX tomorrow or just go up from the open to 3950-60SPX high but Tuesday am.
There is also a resistance at 3900-11SPX and 3933SPX.
If we do see 3808SPX tested in am, I will be only long for a Tuesday high, then short for the 22nd low.
Timing is everything in out business, so that would be my plan for tomorrow's trading.
Hope I get home at least not as late.
BTW there will be a big announcement tomorrow, stay tuned!
Have a profitable week!
Had no time do a research, so can be wrong or can be right:)
First of all Fri low came exactly on CPI gap open! I did tweet about it on Fri that I expected that number to be at least good for a bounce. It just stopped there.
Closing above afternoon highs is usually a bullish sign going into Monday.
But making new lows on Fri means that more weakens to come next week, which I do expect to happen with a low to come on the 22nd.
21st is a winter solstice, can mark a low or a high, I expect a low in 3750SPX zone.
My best thinking is that we either make a low to 3808-12SPX tomorrow or just go up from the open to 3950-60SPX high but Tuesday am.
There is also a resistance at 3900-11SPX and 3933SPX.
If we do see 3808SPX tested in am, I will be only long for a Tuesday high, then short for the 22nd low.
Timing is everything in out business, so that would be my plan for tomorrow's trading.
Hope I get home at least not as late.
BTW there will be a big announcement tomorrow, stay tuned!
Have a profitable week!