- Range Retest successful, now needs higher high.
The Bottom Line:
After acquiring the 2459 target last week, we’ve seen a minor pullback to again test the high end of a 2 month trading range. So far that test has been successful, but still needs a higher high. With that said, we still have 2 upside targets to trade to and with the absence of any bearish price action, we remain bullish and focused on those targets. When we look at the chart of the SPY below, we notice that today we retested the VWAP from the big gap up last week and so far there is little indication the market wants to fill that gap in the immediate term.
t I have been posting about this IBB support zone which was tested today but held and the index is up close to 1.5% after the close. Here was the message from the 11:45 email today.
Here we are after the close. While people are shitting themselves over some BS out of Washington and puking their longs, the rest of us focused purely on the price action are buying the dip into major support in an uptrend and profiting big time. The next checkpoint for this one is 323 (the june high) and then 330ish with a gap to fill at 338.
GS Reported today. I have no idea, nor do I care what they reported. All they do is lie anyway. What I do know is that 230 remains resistance. Why? 2 reasons. The YTD VWAP (shown in blue) and the VWAP from the March High in orange. When these areas become support, I want to be long. My expectation is that that will happen, but why do I want to be in a trade when sellers are still in control? I don’t!
The above is be used for Informational purposes only. The charts are fact, however my interpretation is an opinion which I am sharing with readers. None of this is a recommendation to buy or sell anything. You must do your own due diligence.