AI
Friday, November 08, 2019 10:02:44 AM
Bullish Until Proven Otherwise
http://www.pretzelcharts.com/
"Still no change, as the market has continued to trend its way higher. To reiterate, "no change" means "bullish until proven otherwise," which has been our approach for the past couple weeks. Unless/until the market turns lower and forms an impulsive decline, we will keep the intermediate bear option in the back of our minds, but that's where it will stay unless the market gives us a reason to shift it to the fore. (Presently, it's difficult to find any long-term bearish options -- but of course, that can always change at some point.)
I'm not blind to the bear potentials, but the market will need to show us it means business before we treat them as more than just "potentials." After a two year consolidation, if the market is finally done consolidating (which we're not 100% sure of just yet), there is plenty of room for it to run.
SPX did make a new high since last update, and reached the "next meaningful zone" near 3100:"
"And INDU popped over its next trendline; now we'll see if the back-test holds:"
"In conclusion, so far, there are no impulsive declines to indicate a turn, but we'll keep watching for them to signal at least a larger pause in the ongoing uptrend. Trade safe."
http://www.pretzelcharts.com/
"Still no change, as the market has continued to trend its way higher. To reiterate, "no change" means "bullish until proven otherwise," which has been our approach for the past couple weeks. Unless/until the market turns lower and forms an impulsive decline, we will keep the intermediate bear option in the back of our minds, but that's where it will stay unless the market gives us a reason to shift it to the fore. (Presently, it's difficult to find any long-term bearish options -- but of course, that can always change at some point.)
I'm not blind to the bear potentials, but the market will need to show us it means business before we treat them as more than just "potentials." After a two year consolidation, if the market is finally done consolidating (which we're not 100% sure of just yet), there is plenty of room for it to run.
SPX did make a new high since last update, and reached the "next meaningful zone" near 3100:"
"And INDU popped over its next trendline; now we'll see if the back-test holds:"
"In conclusion, so far, there are no impulsive declines to indicate a turn, but we'll keep watching for them to signal at least a larger pause in the ongoing uptrend. Trade safe."
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
