Back to the Highs

Yesterday’s anticipated demand zone (1818-21) proved to be the correct level from which to buy the pullback. Wednesday’s intra-day reversal without a confirming following-thru day only provided the bulls and opportunity to “buy the dip”. We cannot argue with the recent strength and resolve of Mr. BIG”…Da Bears are learning the hard way!

S&P’s are back to 1840 handle and again within a whisker of a breakout and probabilities favor this outcome. Options expire today, so perhaps that will provide the buying catalyst through 1840’s this time as there has been lack real demand above this zone.

IF price penetrates and converts the 1840’s, THEN upside targets 1845 – 50 initially with lots of room to propel to 1860. Support continues to be 1818 – 21 zone that was tested in prior session…Any violation of this zone calls for re-evaluation of current bullish bias. The CPZ and 3D CPZ have an overlap between 1828 – 32 zone, so this area will be significant “marker” on ¬†any pullback as it’s ¬†multi-day “high volume node” (HVN).

Good Trading,

David

Habitude Nine
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.


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