The market has reached the projected level making a new ATH. One can admire how the market structure and geometry continue to provide a valuable inside ahead of the price movement.
A few things to consider going into the next week:
- The market formed a balance at the current top. Its breakout would suggest a continuation to the next projected level 8350. A breakdown may lead to a retest of the channel bottom.
- The Nasdaq CBOE Volatility Index tagged Mar 15 low with extreme overbought RSI reading.
- The narrowest RTH range.
I'm inclined to see a downside move and spike in volatility.
While visiting a grocery store today I overheard a conversation between two cashiers.
One told another about S&P at all time new high and being very excited. I doubt he was considering a shorting opportunity :) It is said when the last mailman puts his wages into the market the top is defined. We shall see.
Don't predict. Wait for the price action confirmation. If it wants to go higher then there is no reason to fight it. If a sell signal is presented then it is time to sell.
Have a great weekend.
11/15/2019
A few things to consider going into the next week:
- The market formed a balance at the current top. Its breakout would suggest a continuation to the next projected level 8350. A breakdown may lead to a retest of the channel bottom.
- The Nasdaq CBOE Volatility Index tagged Mar 15 low with extreme overbought RSI reading.
- The narrowest RTH range.
I'm inclined to see a downside move and spike in volatility.
While visiting a grocery store today I overheard a conversation between two cashiers.
One told another about S&P at all time new high and being very excited. I doubt he was considering a shorting opportunity :) It is said when the last mailman puts his wages into the market the top is defined. We shall see.
Don't predict. Wait for the price action confirmation. If it wants to go higher then there is no reason to fight it. If a sell signal is presented then it is time to sell.
Have a great weekend.
11/15/2019
