No Post For Friday Gang. I'll have the weekend post up by late Sunday Night, and I'll do a video too. Go Enjoy The Weekend.
How many bears got wiped out today?
The market rallied up today on NO news at all. However, all the technicals did point for a possible breakout, but I sure didn't think it would be so large. That means tomorrow will most likely be just a pause day, with little movement in either direction. I'd lean more toward a small pullback, as we hit the 200ma on the spx and dow. The market rarely pushes through on the first hit of a major trendline.
I believe the target area that the market is trying to go to, is the 1120 spx, and even possibly the 1140 spx. Will it get there? It's hard to say for sure. There are lots of road blocks along the way, that could stop it dead in it's tracks. The 1120 area is the gap fill area from May the 20th, and the 1140 area is just under the left shoulder from early January of this year.
So for tomorrow... it's anyone's guess. Since it's a Friday, and we are going into a 3 day holiday weekend, I don't expect much volume to be traded. That will of course favor the upside. But, that doesn't mean the market will have enough energy to pierce through all the overhead resistance. That's why I'm just expecting a flat or "pause" day, with not too much action on the up or downside.
This move up today was probably a "C" wave, or a "3"? I'm not a Elliottwave expert of course, but just about any trader would probably agree with me on this call. So tomorrow is the day to lock in your positions for next week... depending on whether you are bullish, bearish, or just plan on sitting in cash to be safe.