Pretty spectacular the moves over the last 2 days. IF you caught any of this you must be a happy camper. Too early to hang your hat on bull horns, Bears are not in hibernation yet. Still a ways to go before one can safely say that. As I said yesterday, really need to get above 2740 or sop to even start feeling the bull is back. For now, these moves are very much in the realm of Bear market moves.. I cannot rule out a trip to the 2560 or even 2595 -2065 area to get another nasty sell off to shake weak hands. I though today we might stop at around 2422.5 on a break of the 54.5 O/N low. We got deeper than that but again scary for those holding long but a great opportunity if you were in the sidelines. No I did not expect another 100 pint RIP but thought that gap fill was likely once we crossed the 35 area. For now I am watching the 2506 area, then 2516-18 and then 2528 and then 2546 or so. Trade safe and Happy New Year. Will be on vacation for the next week so will likely not be posting any update. I would use that 2428-32 area is the line in the sand.
Comment:
There are many routes to higher and lower prices. Today's trade was pretty thin above 34.5. SO any rejection above could send us down pretty soon to retest the 46.5 or 34.5 area.