Good morning traders!
Strong rally first thing this morning and we have found ourselves pretty much at the daily R2 already (9557). The S&P500 seems to have doing a lot of the driving, but we may have already missed the move. On Friday we started to test trend support and it looked like we were about to take it out, resuming our overall bearish trend, but have bounced to now test the high from last week.
I would like to see a pullback from the daily high back down towards the daily R1 or lower, perhaps even 9450 as bullish traders take their profits and price settles back down before the next wave. As I write this article, we have broken above last week’s high and now the system seems to have slowed down to a halt, I can not trade at the moment, or even analyse the charts, they are not working and I can’t wait much longer for them to work so I am going to walk away from today.
Are we experiencing a full reversal to the bullish side, or lining up a massive shorting opportunity, I am neutral at the moment, and when the cahrts are working again, I will perhaps have a better idea.
Good luck trading
Support & Resistance
|200 Day EMA||10332|