Wednesday, January 25, 2017

January 25, 2017

New POTUS, new ATH

I had been looking for the chop into Opex but had hoped once over so would this run be. All along it looked like we needed that higher high and now we have it. My thought is SPY needs something higher than that December one ahead of the dividend.

I tossed a couple prices up on the green line but my nervousness doesn't kick in until a break of 2305.86. I have been shorting into all of this gradually and this is where my stop is. I am willing to suffer a little pain with the shorts if need be. I personally think the market is ahead of itself at the moment and that we have just left too much virgin shit below to maintain this. I know there are other thinly traded areas 10% lower but don't believe this is a level that can maintain that.

I am using a basic 30 minute chart for now cause there just isn't much sense in staring at more with the games being played of late. Around 2277-78 creates issues if it breaks below that level. The same applies above it.

Awhile back I mentioned we had to break that green dashed and would most likely have to retest it. We are at that crucial juncture. I could handle a slight pierce of that upper price line I have but beyond that ... My eyes seem to want to focus more on where it has to come back to lower price levels rather than on the possibility of a breakout

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