Today is the big day for the bulls as they have the best chance for a blow off top happening. Any new all time all over by at least 30 points I'd think will be enough to clear out the bears that shorted yesterday.
If I see this happens I'm a big bear next week and would not be surprised to see some bad news come out over the weekend to cause a gap down Monday, which will look like a repeat of the recent big drop down days, and it should only last about 2-3 days, like into the 12th (maybe the 13th?) before it bottom and turns back up to do another squeeze for a week or two.
This is a swing traders dream to be able to get so many big up's and down's happen. And it's likely to continue until August with the market not really going anywhere. It reminds me of 2015 where the market had months of going up and down in a range until it finally crashed in August. I don't think we will repeat the crash again, like back then, but we could do it in October maybe? Anyway, I'll keep this update short. If we get a new high today I'm looking to short it into next week.
Have a great weekend.
