The Bulls were rescued once again...
Doesn't this look like the PPT stepping in and saving the market from breaking the trendline today? It certainly looked that way too me, as even with the heavy volume the market couldn't close below that rising support line from the 1040 low.
Very frustrating to say the least. This leaves tomorrow open for the market to rally up again. Maybe it just re-tests the high from today, or maybe it pushes up past it and makes a new high? I see bullish counts and bearish counts, so I just don't know what's going to happen tomorrow?
It's opx for the weekly, as today was opx for the quarterly's, and they tend to want to pin the market at a certain level so the options will expire worthless. But what level is that? Are there too many shorts or longs in the market now? I just don't know?
There is also new money coming in tomorrow, as it's the first day of the quarter (and the month)... but again, how much? Will it cause a rally, or just a sideways choppy day... or will there not be enough money to hold the market up, and she breaks the trendline support and falls hard all day long?
I'm at a lost for words here, because I don't know which way the market is going tomorrow... not even a clue. I give it 50/50 odds here. A break of that support line, and down we go... and hard too. Failure to break it though, and the rally can continue into next week.
Maybe we really are going to go straight up to the DIA 118.16 FP, without much more then a one day wonder down day? All this obvious manipulation sometimes makes me want to just throw the charts away and ride the bull until it finally dies. Of course it will be a quick death, as the bears attack fast. Problem is, there's not enough bears to kill the bulls right now.
Well, I'm just rambling right now. I'm disappointed today, and don't know about tomorrow. So I'll close, and wish everyone good luck...
P.S. Go Bears! 😉