Price has consolidated sideways for two days following new marginal high last week. This action is a “slow grind” for traders…Support structure remains intact, so path of least resistance is higher as bulls continue to target the 1700 handle. Today is Day 3 of Bullish Cycle and would be a good opportunity for bulls to push price to 1700 – 05 zone for upper target.
Solid support resides 1684 – 86 zone. Any violation of this level reverses the bullish attitude and lower projected targets back down towards 1673 – 75 zone.
Volatility remains very low which means Mr. Market is complacent…Big moves can occur seemingly out of the blue with this type of atmosphere, so remain vigilant and disciplined with stops.
I am willing to accept loss. Losing is an integral part of the process. I know and accept that individual losses and losing periods will happen. They are endemic to trading. I do not like loss. I do not expect loss. I simply accept loss as a cost of doing business.