Bulls and Bears have been slugging it out this week like Rock’em Sock’em Robots with both sides having black-eyes and bruised.
Bulls repelled another selling onslaught yesterday defending 1685 – 88 zone forcing a late bounce into closing bell. In overnight action sellers again are on the attack at the 1685 – 88 zone and having some success at forcing prices a bit lower.
Successful violation of 1685.75 targets 1680, then 1675 – 80 zone. Bulls would need to mount a strong rally that penetrates 1694 – 97 zone to get prices back to 1698 – 1700 zone where there is ample supply waiting to be sold by the Big Institutions, as they are currently in “sell-mode” on any rallies.
I am at peace with uncertainty. I know there is no such thing as a sure thing. I have no particular need to be right. I understand that being perfect has no place in trading. I am flexible. I am willing to change my mind. I am alert to scenario changes. I accept the information that tells me I am on the right track or on the wrong track.