Thanksgiving is over.
What happened on Friday action!
The bull side perspective:
1. SPY opened at the low and closed higher. It formed a white bar.
2. SPY opened at the 108 support level.
3. There is a morning gap to be fill on Friday.
The bear side perspective:
1. SPY make lower low and lower high than last Wednesday.
2. SPY crossed below the 13 day moving average.
Where does the market go from here?
The SPY bounced off from 108, a good support level. First SPY needs to fill the morning gap from Friday. Secondly, we have to see how it closes the gap. Finally, if SPY bounces off from the morning gap and decides to go back down and below 108 level, then the market is going down. If SPY breaks above the Friday morning gap and closes higher than that, the market is going much higher.
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Hi gcl, hope you had a nice holiday. I went long SSO this morning and have closed my position. I probably should have held longer and waited for gap to fill, but happy to make a few pennies. now just watching
ReplyDeleteJDT, the market is stuck between 108 and 111.50. There are many gaps in between. If it breaks one way or the other, trade with that trend. Otherwise, stay on the sidelines and watch.
ReplyDeleteIf you are sitting and watching the market lately, wait for the market to decide which direction to go. It can go either way from here.
ReplyDeleteAlso watch the U.S. dollar currency closely. The dollar can break down to 71 area. SPY can go back up to 111.50 to close the gap.
Don't be surprise that tomorrow the market could open higher in the morning.
ReplyDelete