Frankly I’ve got nothing today – as long as we are stuck in the limbo zone I don’t feel comfortable recommending any setups on the equity side. Currencies are all over the place and I don’t see anything of value there either – similar situation over in commodities. So let’s simply do a quick comment cleaner as I have two charts worth sharing:
The spoos are officially back in sell mode as we remain below that NLSL at 1319. It’s expired now but was valid yesterday when we breached it. On the left we have the 100-hour acting as resistance, so if we breach that it may be an early signal that the bulls are making a go for a stab higher. Short of any meaningful upside there is zero edge here and unless you are scalping or swing trading Personally I recommend you stay the heck out.
Most interesting chart of the day is ole’ bucky which is chewing on its own NLBL at 83.035 right now. A breach may give us a push higher here, so keep an eye on that. However on the left side we have the hourly showing us some possible support near 82.98 and 82.92 (sorry for painting over that). As I’m typing this we are actually below both so perhaps this is going to turn into its own whipsaw zone from hell. Frankly I wouldn’t touch anything here unless we get back above that daily NLBL – frankly I don’t see a valid setup to the downside either.
Look – this is a great day to spend your day doing something else. Take this as an opportunity to get out of the house to enjoy a summer day, hit the gym, go fishing, hit the movies – whatever floats your boat. But watching this tape is an utter waste of time and may actually be detrimental to your trading performance. I leave you with this:
It was never my thinking that made the big money for me. It was always my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. — Jesse Livermore
I could not agree more. See you tomorrow.