Tuesday’s Trade Strategy called for a “relief rally” of approximately 1%…Actual increase…+0.88%..not to shabby. It’s been said…”You are only as good as your last trade…”…I’m not sure of the author of that saying…but if we can take that as truth…then we can also say…”We are as GREAT as our next trade…” My Quote! Let’s all pursue Greatness in our trading!
Though price rallied yesterday, it could not hold onto those gains, which calls into question the bulls “sustainability” and “resolve”. Bulls need to show they have taken control with a “follow-thru day”. For this to occur, price cannot print a lower low and needs to at minimum produce a higher low. Next bulls must make another attempt and succeed at producing a New Swing High (NSH) above Prior Day High (PDH) 1656.75 and hold above.
In overnight trade price has retraced to yesterday’s breakout level of 1645 and has bounced (good sign)…Now price needs to get above the 3-Day Central Pivot Zone (3D CPZ) 1649.50 – 1651.50 to show additional Sign of Strength (SOS). Dynamic price targets will be updated in trading room.
I can recover from any setback. I have an attitude of abundance. I affirm abundance in the universe. I know I cannot begin to count the stars. I realize the ocean doesn’t care whether I go to it with a bucket or a teaspoon. I know the market provides a river of opportunities. I invest in my capabilities. I will be happy with my results.