Today is Quadruple Option Expiration as Bulls regain firm control. The one day price dislocation related to Fed’s ZIRP statements is quickly fading as price is now pushing up against recent highs.
Yesterday’s strength continued into the overnight session as price is currently above prior day high (PDH) 1866.50. IF price can hold above on any pullback, THEN upside targets 1870 – 72 zone, followed by 1874 – 78 zone remain in-play.
Violation to the downside of PDH suggests a pullback to intra-day VT-POC near 1860 down through 1856 – 58 zone. If trade occurs below this zone, we will update dynamic levels in the trading room.
Bulls remain firmly in control, and as such, we have continued to give them the benefit this past week, rightly so. No change in this viewpoint…Buying the pullbacks to key reference zones remains the trade strategy, while being opportunistic with intra-day trade setups.
Stay Disciplined….ALWAYS USE STOPS!
I am at ease with controlled risk. I will risk and I will win. I am courageous. I will take a chance. I manage risk to my comfort level. Risk keeps me on my toes, keeps me alert and at the top of my game.