We hit resistance in a big way around 396-397 this was right at gap from last week and we were rejected. This makes me feel like we are not yet ready to start climbing up. I plotted this resistance zone in the Yellow lines. We need to break up through there before we get moving. There is also that vertical resistance that is looming above which I have drawn in red.
Tomorrow is a big day for the bulls. They need to break into the 400s and hold the day confidently. If they do that then 420s may be possible, This is depicted by the upper blue trendline.
If we hit the red trendline and fail to crack 399 I do think we will be retesting the blue trendline towards 375.
Personally I am short.
Today did not inspire much confidence, we basically finished the gap up and stalled.
This is just my opinion
Tomorrow is a big day for the bulls. They need to break into the 400s and hold the day confidently. If they do that then 420s may be possible, This is depicted by the upper blue trendline.
If we hit the red trendline and fail to crack 399 I do think we will be retesting the blue trendline towards 375.
Personally I am short.
Today did not inspire much confidence, we basically finished the gap up and stalled.
This is just my opinion