Some possible scenarios/trajectories for the coming week.
I'm betting on a variation of 2 or 3.
If we can make one final push up to 3100/3130 or so before rolling over, 2860 might be pushing it this week. So maybe not before next week.
The last few Monday's been fairly bullish.
The third option is that we just keep ripping higher for a bit longer, but technically I think we're a bit overextended here.
Any thoughts for the week(s) ahead?
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To be completely honest, I don't know. As such, I've been playing a variation of strategies with both bullish and bearish positions and I remain nimble AF. Ultimately, and as most of us tend to do, I let price action tell me where to place my bets. I don't have
@vanzandt magic pencil or intuition.
As for predictions from a swing trade perspective, this price action is clearly pointing north. It has crept north on weak volume, shorts pile on for a good time, dips get bought again and it becomes a swing and a miss. I mean, look at
@theapprentice, my man just buys it and forgets it and collects his Benjamins. There will always be intra-day/Intra-week sell-offs, and that's honestly how my bearish spreads have been making any money, but I haven't seen anything showing this uptrend is weakening. If anyone else is seeing sustained weakness, please share. It's partly why this community exists.
Are we overextended? Yes, but market doesn't seem to care...yet
Are fundamentals messed up? Yes, but market doesn't seem to care...yet
Are technicals bullish or bearish? Depends on your time frame. There's room north and plenty of gaps below. I'm cautious in either direction.
My trades: Flat at the moment, but I'm watching a wedge formation on the hourly chart and I intend to play it on strength or weakness. I'll be legging into a few option plays centered around SPY 302 and 305 today and tomorrow. In short, I have no freaking idea what I'm doing.
