We hit 875 resistance on the SPX at 11AM. We are also at the 50-day MA, which is currently at 869.64.
If you also noticed, we are forming an intra-day symmetrical triangle. Until this consolidation is resolved towards a single direction, I will not be trading.
Below, you can see the market being led by the financials and oil with pockets of mixed strength and weakness all over the place contributing to fact that today is currently a doji day.
2:00PM Market Carpet:
Nice review, thanks for the upddate. I am into a little BGZ and will stop if the SPX can get clearly above 875.
A lot of stocks overbought and at the top of their trading range..does not seem good, although with salvation just a senate vote away ?. I bailed while I had profit on several
Nice stuff…
Are you short or long? It’s just too easy to go long here isnt it?
I am net short via QQQQ’s puts, and SPY puts…I am taking a huge gamble here; What you think?
Just want to verify as I am trying to grab hold of the charting…no resolution to the triangle and we sit at the 50 DMA at the end of the day
Thanx for you time CA
100% cash until the smoke clears. There is simply too much uncertainty and I am not comfortable going long or short.
There will be better set-ups with better probabilities and less likelihood of failures later on.
Closed out everything this morning and just watched the 50-day MA fuck people up all day long.
I’m with u CA.100% cash