The price action on Friday was fairly bullish as the market rallied off the intraday lows and closed in positive territory. Combine that with the fact that several of the Mondays over the last few months have been up days and you have a chance at a rally. If we do rally, I would look at it as an opportunity to set up another bearish position...however, I will watch the price action closely to see if the bulls are gaining strength. Although we didn't hit the next support area at 1040, we did come awfully close...possibly close enough. If we don't rally tomorrow and we break below the 1040 support level, it could possibly set the tone for a very bearish week. I hope you took some profits from the last move down on Thursday. If not, you need to work on that area of your trading.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment