Yesterday we rallied up nicely to bang on down of the 4/9 high, and finally pierced through it afterhours. Today should be a nothing day where we don't go too much further up or down. It should be a day that puts the bears to sleep and keeps the bulls in their longs over the weekend as they wait for the big breakout.
But I don't get the feeling that is coming. I'm thinking we are done on the upside and will rollover next week to start the next leg down to the double bottom and slightly lower low. I posted the following in the chatroom yesterday, and it's still my thoughts...
"The way the market is acting now I think tomorrow will be the top of this rally. Not too much further, but enough to keep the bulls long over the weekend thinking we are going to breakout next week. Maybe we see another 100 points, but not 200-400, which would enter my 5700-5900 zone. They will stop shy of it and keep everyone on the hook looking for that zone to short, but it won't reach it. 2:15 PM"
And... "Today (and the past several weeks) like the pattern going into 10/16/2022. The next day went a hair higher but didn't take out the 10/12/2022 high. The recent high on 4/9 was 5528, so we could repeat that 2022 pattern where we fall shy of taking that high out by a few points, or we do take it out by a few points, but nothing major. 2:21 PM"
Today is the "the day" in my humble opinion for the bulls to breakout nicely and get that squeeze up another 200-300 points. But I just don't think it's going to happen. The market is in a "hope mode" about Trump and the Tariff's but I don't think any deal is coming anytime soon. I think it will be in May, which will think spark the big rally, and the final low. Next week should be very bearish, and even if we get that squeeze it won't last. I'm officially a bear today.
Have a blessed day.
