There continues to be a “battle for breakout” at the 1840 – 43 zone…Multiple attempts have not been successful, but the pressure continues to build. Resolution should come this week…
Failure to convert 1843 on Friday’s options expiration resulted in a weak closing print. Additional overnight weakness has been only minor down to StatX Zone between 1830 – 1832. This will become “key reference zone support” on any price retracement. Failure to hold this zone suggests bulls are disinterested with multiple lower price points layered between 1828 – 22.
IF price can hold Prior Day Low (PDL), THEN bulls can mount yet another upside attack at the 1842 – 44 zone. Successful penetration and conversion of this zone suggests renewed strength, with upside price targeting 1850 – 55 zone.
Stay Disciplined and Always Use Protective Stops!
I know anything can happen, and I can handle anything that does happen. I am open minded. My thoughts and perceptions are clear. I know what to look for. I have rehearsed everything. I adapt to change. I will listen to my indicators and the patterns that emerge. I will adjust and not demand that things continue as they first started.