After much analyzing last night I determined the market is “bullish as fuck, going forward”. This morning morning the S&P opened hardly up. The tone is a little bit different this morning. I can smell murder in the air.
I hesitated shorting the open, because the gap didn’t ‘have to’ fill, as per stats. I’ve lost money doing such egregious things before, and labelled it as mistakes. I remembered though that Bruce Willis never hesitates because of past mistakes, and nor should I.
$ES_F 1410 is a confluence of Classic, Woodie and Camarilla Weekly Pivot Points, and today’s unchanged. Below that is Weekly Demark PP – 1406, confluence with Daily PP. So we have bids under us. What is itching my intuition and perturbing my senses is the possibility of a negative close, and its implications on the week. It would be bearish if we closed below those numbers, more specifically both of them. Staying above is still bullish. A close below 1406 is BEARISH.
I declare this a Yellow Alert, because on the surface every thing is OK. Just under the surface though, lies the possibility for DANGER.