“If the mood is changing, remember to change your mind.”
It’s been a wish wash of a week. The prognosticator in me thinks that this upcoming month could bring the inflection point that we so desperately need in the market place. /ES 1982 is the target for a rally as a shorting opportunity. This afternoon rally is hopefully just a short squeeze being compounded by shorts covering. An hourly chart of the /ES will show the line in the sand, and show the light volume. A sell off from this neighborhood to the 1920 area or below is not unrealistic. Save your bullets for now, and live to fight next week.
Poor low on Thursday needs repair (bearish)
Low volume rally Friday (neutral)
Below trendline (bearish)
Unchanged value (bearish!)
Don’t be a BTFD idiot.