As we discussed yesterday, stocks had a significant retracement from highs, testing lower levels. If you guys paid attention to these briefings you could have made 40 points (160 ticks) on the S&P, because it retraced 3357, a level we have been eyeing for some time, then bounced all the way back to highs. It has rejected highs yet again, and is likely to teeter between these levels before breaking out further. Currently, it is testing 3375, but this looks unlikely to hold. The Kovach Chande has turned, so it looks like you may be able to get another chance to play these levels soon. Short term, we have short bias, but long term it is hard to fight the Fed magic money machines inflating this bubble to an inconceivable extent.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.