The market made a significant move today driven by a panic buying of beloved FANG stocks and especially the Apple. The Globex session suggested a weak opening especially after yesterday's FOMC move that was completely faded. But the buying from getgo immediately set the tone. In such days it is not easy to get on board. The Algos were in a rush to buy, like there is no tomorrow, not giving a chance for a decent pullback.
The love for FANG stocks is in the air again. Until that love turns into a hate the indices will be marching up.
The price hit a marked on the chart resistance level. I did not expect to see it hit today. Will we see some notable pullback? During the RTH session the resistance has provided a shallow pullback. I even shorted it but managed to squeeze 10 handles only. It was not worth it to attempt considering such a strong bullish momentum. It was simply too risky.
Tommorow is Friday and usually the buyers want to close that weekly candle in green.
The bias across all the timeframes is bullish. Such bias does not die overnight. Pullbacks will find new buyers who missed the move. However, one need to consider a decent location or stay on the sideline until the dust settles.
03/21/2019
The love for FANG stocks is in the air again. Until that love turns into a hate the indices will be marching up.
The price hit a marked on the chart resistance level. I did not expect to see it hit today. Will we see some notable pullback? During the RTH session the resistance has provided a shallow pullback. I even shorted it but managed to squeeze 10 handles only. It was not worth it to attempt considering such a strong bullish momentum. It was simply too risky.
Tommorow is Friday and usually the buyers want to close that weekly candle in green.
The bias across all the timeframes is bullish. Such bias does not die overnight. Pullbacks will find new buyers who missed the move. However, one need to consider a decent location or stay on the sideline until the dust settles.
03/21/2019