There is building evidence that recent buying which has pushed SnP index to all-time highs of becoming exhausted…not to be mistaken with “buying climax”…just getting a bit tired. Overnight highs which mark 1762 handle has fired a “Prime Turn Alert” signal which suggests a potential for short to intermediate high. As such caution is warranted for new long (swing) positions.
Overnight High (1762) is “marked resistance” until proven otherwise…Trade strategy is to short against this level until penetrated…Current CPZ is 1749.25 – 1752.25 and marks initial potential support zone. IF violated, THEN deeper downside suggests 1745 – 47 zone (3D CPZ). Additionally, failure to find solid buy response indicates that a more important sentiment shift is in the making, which would lead us to “sell the rallies”.
Prior Day Low (1742.75) is the last line of defense for bulls and if violated targets 1738 – 1731 zone.
Remain focused and take valid trade setups.
I am disciplined. I behave in a way to reach my goals. I do what I intend to do. I have the intent to win through right actions. I will be patient for patterns to emerge and mature. I am decisive. I decide easily and act promptly. I act in the right way and right on time. When there is nothing to be done, I will wait.