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Dow support building at 28500 zone.
Tricky to trade this as we could see a good move up or down.
No position for me and may not trade until monday.
Never give up, never surrender.
Dow RSI is still bouncing from the 50 middle, indicating a continuing bull market. Tremendously positive earnings from MSFT and AMZN help the bull case. Nothing on this chart that’s particularly bearish (so far). Yes, a test of 28,000 is likely, but the market could equally try for a new ATH.
However, RUT and NYA are much weaker, indicating that the broader market is weaker than the leaders. Both RUT and NYA are showing RSI difficulty BELOW the 50 middle line, which *might* be a warning for Dow and spx in due course.
… and spare a thought for all those hedge funds who have been short TSLA (including Crispin Odey who has/had it as one of his largest short positions). Panic short covering appears to be propelling this one into the stratosphere. How high can it go? No idea.
Small long Dow at 28460 … stop tba … limit tba ( x 2 )
Just a punt for a few pts … nothing too rich.
Never give up, never surrender.
Some kind of ‘l’ into EOM as expected.
Next week a first day of month bounce.
Then more lows.
Stop runs in either direction as and when.
Never give up, never surrender.
Small long Dow at 28460 … stop tba … limit tba ( x 2 )
Small short Dow at 28460 … stop tba … limit tba ( x 2 )
That is my set up for next week !
Never give up, never surrender.
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