Computer issues have kept the blog postings offline for past couple days, but all is fixed and we’re back to normal.
For those that are not fully aware, yesterday’s trade marked the 1st quarter end for Mutual Funds…”Trade Date plus Three” or “T+3”. So…prior session sell-off may not be a total surprise to the “informed” trader/investor, as Mr. “BIG” has been using any recent strength to sell their winners…yesterday was no exception. This action continues to support the building viewpoint that the “BIGS” are working on adjusting portfolio risk given recent comments from the Fed.
Let’s get to the numbers…
Recent 3-day cycle low is marked at 1848.00…Price is currently below this level should act as resistance on any rally attempt. IF price can penetrate and convert this level, then 1852- 55 zone (3D CPZ) becomes the next hurdle.
Prior Day Low (PDL) 1841.50 is initial support marker for bulls…IF negative price momentum remains intact with a violation and conversion of this level, THEN deeper downside targets measure 1835 – 38 zone, followed by 1833.75…1831.25…1828.25 Breakdown Target.
Remain Flexible….ALWAYS USE STOPS!
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.