Thursday, June 9, 2016

Jun 9 - Slight pullback but trend is still up

Pretty sizeable gap down but looks like we have recovered most of it in the indexes.  Let's see what happens tomorrow but not expecting anything major to occur until post FOMC and maybe post OPEX.  Still long SPY going into OPEX.

We might get another gap down tomorrow if we follow the behavior of the last consolidation zone but given that we printed a reversal candle on the daily time frame, we might gap up also.  I don't see an edge either way.

Ideally we have put call ratio MA fall into the yellow zone by end of next week.

2 hr chart getting a bit messy but trend is still up.  Will be watching for more signs of potential weakness.

1 comment:

jim said...

Thanks for the post
Normally the couple of days up to the Fed meeting are bullish
Then sells off after the statement comes out

Are you thinking it will be bullish up to OPEX? And not sell off after the Fed statement?
Thanks