In Friday’s post we highlighted the lower price targets measured down to 1831.25 – 1824 handle…Here’s an excerpt: “IF downside momentum continues below 1834.50, THEN lower targets include 1831.25 – 1827.25 STATX Zone down through 1824- 26 zone.”
Overnight low is 1823.50 and price has reversed sharply nearly 22 handles from this level and has stalled within the upper STATX Zone (1844.25 – 1845.75) This zone becomes first level of resistance and is fadeable on the short-side. Three-Day Central Pivot Zone (3D CPZ) is 1846.25 -1848.25…This zone is expected to be a formidable zone to overcome for the Bulls.
Anticipated early support between 1834 – 38 zone could offer a tradeable bounce with 1830 – 1832 zone a more important zone to hold on pullbacks. News headlines may continue to dominate trade action with continued unrest overseas…News driven algos will be turned-on and monitoring the headlines.
Trade Strategy today is simply to remain nimble and opportunistic at key price levels stated above…Any misspoken rhetoric can cause erratic price moves in the indexes…so stay disciplined.
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.