Morning Ideas August 12, 2022
Good morning Traders...
We FINALLY broke 4180, and reached the 4250 area! It's been the move we had been looking for last week and this week.
Now the market will likely pull back and try to push again through 4250 and HOLD. If we can do that, I would imagine we see 4500 eventually (not immediately). This move is going to take some time because the market has to fight through a lot of volume to get there.
I'd keep my eye on 4180-4170 area below. If we pull back you'd really like to see the market hold onto that area. If we cannot, I think it's a high probability we start to push lower.
For now, all is good. I'd expect the market to be in pullback/neutral mode today as it's Friday and the market is stretched a bit (with resistance above)
We FINALLY broke 4180, and reached the 4250 area! It's been the move we had been looking for last week and this week.
Now the market will likely pull back and try to push again through 4250 and HOLD. If we can do that, I would imagine we see 4500 eventually (not immediately). This move is going to take some time because the market has to fight through a lot of volume to get there.
I'd keep my eye on 4180-4170 area below. If we pull back you'd really like to see the market hold onto that area. If we cannot, I think it's a high probability we start to push lower.
For now, all is good. I'd expect the market to be in pullback/neutral mode today as it's Friday and the market is stretched a bit (with resistance above)
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