Yesterdays move down took out the low from the 4th and then bounced back up to around that zone again. I was thinking we stay above and break it next week, but in the end nothing has changed. We should still bounce up into Monday and decline again into Wednesday where yesterdays low should be tested again. All of this up and down, while it looks like a big move, is really just chop to burn some time so that the bigger time frame charts can work off some of the extremely overbought conditions and setup the market for the next big squeeze higher. In my opinion there's no good trade setup here, not short or long. But next week we should see a good long setup happen, which should take the market up into the first week of December where 7000+ should be hit.
Have a great weekend.
