As lawmakers in Washington continue to point fingers and jawboning, Mr. Mkt is yawning and getting a bit bored. Although a resolution would be welcome and markets would in all probability respond positively, they are not breaking down, suggesting that Big $ is confident enough to continue buying the dips. If that confidence changes…watch out below.
Let’s get to the numbers:
Key Resistance: 1692…Key Support: 1673.25…3D CPZ: 1680 – 83
Trade above 1683 and hold targets 1687 then 1692..Strong penetration of PDH suggests 1695 – 1700. Violation of PDL calls for 1662 – 65 zone.
Average Range: 17.75
I will identify my mistakes and learn from them. I am optimistic, realistic and honest. I will not make up stories about the good or bad things that occurred in the past or are happening now. I admit when something is not working. My optimism gives me faith and courage. I will not fall prey to blame and fear.