Yesterday’s blog post opined: “Having held key support, it is incumbent on the bulls to now move the ball (price) higher to confirm their intentions…” Well, the bulls never relinquished control and with the help of positively interpreted Fed Minutes, propelled price through key resistance (1848 – 50) to reach our anticipated target (1860) and then some, to reach the Three-Day Central Pivot Zone (1864 – 66).
Prior Day High (1866.50) aligns with the 3D CPZ which becomes today’s “key resistance zone”. This zone also corresponds approximately with 62% retracement of last major swing. Successful penetration of PDH and conversion further confirms bull strength projecting upside target zone between 1870.25 – 1872.75, then, 1875.25 – 1878.25. Failure to convert suggests some back n fill trade between 1854.00 – 1862 zone. Any deeper pullback measures 1848 – 50 breakout zone.
Today’s Trade Strategy is to anticipate back n fill range type trade between stated parameters, where it’s “buy dips…sell rips”. Dynamic S&R Levels will be updated in the Live Trading Room.
Stay Focused….ALWAYS USE STOPS!
I am at peace with uncertainty. I know there is no such thing as a sure thing. I have no particular need to be right. I understand that being perfect has no place in trading. I am flexible. I am willing to change my mind. I am alert to scenario changes. I accept the information that tells me I am on the right track or on the wrong track.