I don't make any pretense of being a guru, nor more than a competent technical analyst... But I've always watched a lot of these Q plays pop off over the years. And in that regard alone, it is not difficult to think this play is light years beyond them in outlook.
Moreover, from a common sense perspective, if I imagine that I were a trader or MM involved in a short position here, whether from prior to Friday's run or during it, I would try to get the most bang for my buck as I tried to cover/recover losses. And that means I would apply the most downward pressure in sync with profit-taking/sell-off in order to ensure a good, reliable dip down.
That being said, that's what this morning looks like to me. And the stability we've seen since the dip seems to corroborate it to some extent.
That being the case, I think we will see upward pressure resume, and in the absence of the counter pressure we saw this morning.
I'm long. I think trying to release and re-grab lower is too dangerous right now, in terms of missing coming gains.
