a daily price action after hour update - sp500 e-mini
Good evening and i hope you are well.
Today markets bounced where i expected them and bears did not get the follow through they needed. Here is my quote on that from yesterdays after hour update:
But the more probable scenario is that bears will get disappointed tomorrow and we range more days at the highs.
And that brings us to, what’s next? Big up, big down, big confusion. Trading range. But i do think that sp500 is the only big us index that did not make a new ath compared to the dow and nasdaq and all my bullish targets lead to a new one above 5000. So my bias continues to be bullish.
bull case: I mentioned the odds of bears getting follow through were low and that’s why the sp500 rallied 60+ points today. Market closed exactly at the high of the day and after hours pump continues after earnings report. Maybe Apple misses and market gives some back but who bets on that? So i lean heavily bullish into tomorrow for 5000.
bear case: Hard to make it tbh. Best bears can hope for is a continuation of the range between 4860 to 4960.
short term: Sideways to up - my target of 5000 is still valid.
medium-long term: Down - what would change that? Two consecutive daily closes above 5100. Adding to long term shorts here at the highs.
trade of the day: Buying the double bottom bar 2 + 11 and hold. Good for 60 points and after hours another 15.
Today markets bounced where i expected them and bears did not get the follow through they needed. Here is my quote on that from yesterdays after hour update:
But the more probable scenario is that bears will get disappointed tomorrow and we range more days at the highs.
And that brings us to, what’s next? Big up, big down, big confusion. Trading range. But i do think that sp500 is the only big us index that did not make a new ath compared to the dow and nasdaq and all my bullish targets lead to a new one above 5000. So my bias continues to be bullish.
bull case: I mentioned the odds of bears getting follow through were low and that’s why the sp500 rallied 60+ points today. Market closed exactly at the high of the day and after hours pump continues after earnings report. Maybe Apple misses and market gives some back but who bets on that? So i lean heavily bullish into tomorrow for 5000.
bear case: Hard to make it tbh. Best bears can hope for is a continuation of the range between 4860 to 4960.
short term: Sideways to up - my target of 5000 is still valid.
medium-long term: Down - what would change that? Two consecutive daily closes above 5100. Adding to long term shorts here at the highs.
trade of the day: Buying the double bottom bar 2 + 11 and hold. Good for 60 points and after hours another 15.