The real early bird special was yesterday and I hope you took full advantage of it as we seem to be trading on the right side of the tape thus far. But if you came here for a freebie I shall not disappoint but humbly ask you to first make it to the bottom of this post as we are at a crucial stage in this counter rally. Alright, I was rather skeptical about the odds of a bounce here myself, but then opinions matter little when it comes to timing one. And you already know our prime directive: When in doubt let the charts do the talking.
Wakey Wakey! We’ve got work to do! I just popped up my charts and it seems we have some attractive setups this morning that probably won’t wait around for long. Equities in particular are looking tempting at the moment so grab yourself a cup of java or tea and then let’s get to work.
Once again the ice wall blocking the way to SPX 2100 and beyond proved too steep a hurdle for the bulls. Yesterday’s lackluster session was a bad omen in that it showed only obligatory participation near such an important inflection point. That’s not how to storm a stronghold that has held what at this feels like aeons
Forgive me for phoning it in today but I stayed up late last night fixing a few technical issues that sprung up, plus I’m running a few systems simulations today. Equities turned a bit into a hassle yesterday due to Yellen flapping her lips, however despite an instant stop run to the downside sentiment remained solidly bullish as evidenced by participation on our Zero chart.