The Big Face Off
The bulls are getting more energized now with hopes that the worst for this year is now behind us. But the big face off is still looming ahead and if a major punch burning the shorts is to happen then it better happen now, this week:
As you may remember from previous posts, week #15 statistically is the most bullish week of the year – by far I may add. But wait there is more:
Weekly SKEW suggests that this upside bias is in fact NOT due to outliers as this week’s reading is near the zero mark.
Which is why the weekly % positive panel also shows us the highest reading of the year – a whopping 80%!
Now it’s Tuesday morning and we’ve got another four session to go until we close the books on this week. When I referred to the big face off in my intro then it was due to the support zone that’s been developing on the VIX over the past few months.
A drop to the 15 mark and perhaps a bit below is where the bears will be looking at a take down. Or we once again run out of buyers, whatever happens first 😉
Either way I’ll be collecting 1R here from last week’s speculative entry as my trail has now been lifted to near 2670.
On the crypto side things have been looking a bit iffy yesterday but so far so good as BTC has returned to our entry range with hourly Bollingers now being massively pinched. A resolution here should be swift and forceful. Nothing to do until then.
Gold isn’t looking so stellar unfortunately as it appears that we’re in for more chop chop chop…
Silver fortunately seems to be the most bullish in the sector as it looked like we had lift off yesterday but then reverted to our entry zone. Nothing has changed here frankly and I would be taking this entry today had I not done so yesterday.
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