Pretty sure I am going to be viewed as a permabear after this blast.
Technical Indicators as I see them:
• RSI – Bearish
• Volume – The rally continues with weak volume
• Short term moving averages have become less bullish – still bullish though
Points of potential resistance:
• Yesterday’s R1: 275.63
• Fib Retracement: 280.36
• 200 Day Moving Average: 269-270
I remain bearish, however with the fed literally saying it has no problem building up a 4 trillion dollar balance sheet - it is shockingly bad for the dollar. This will be false improvement in the S&P but there is a chance it could rise in terms of dollars, because of the dollar losing value. I wish in hindsight I made my gold position significantly higher – however I will slowly be cost averaging into a bigger gold position.
I’m keeping my short going, however it currently feels like death by a thousand cuts.
If you are a bull – please lay out your logic as it will sincerely be well received.
Happy Trading!
Technical Indicators as I see them:
• RSI – Bearish
• Volume – The rally continues with weak volume
• Short term moving averages have become less bullish – still bullish though
Points of potential resistance:
• Yesterday’s R1: 275.63
• Fib Retracement: 280.36
• 200 Day Moving Average: 269-270
I remain bearish, however with the fed literally saying it has no problem building up a 4 trillion dollar balance sheet - it is shockingly bad for the dollar. This will be false improvement in the S&P but there is a chance it could rise in terms of dollars, because of the dollar losing value. I wish in hindsight I made my gold position significantly higher – however I will slowly be cost averaging into a bigger gold position.
I’m keeping my short going, however it currently feels like death by a thousand cuts.
If you are a bull – please lay out your logic as it will sincerely be well received.
Happy Trading!
Trade closed: stop reached:
Lost out on this one and was quickly stopped out with a 2% loss. Will look at setup for retracement near 2800.