Good morning Bob,
I am still short this market with Puts but I think we are at a critical area here because if we are able to break above 1350/8000 sometime today or tomorrow it will be a bullish signal. If you look at the Stochs on the Dow and S&P daily they have clearly made higher lows.
I know the PLAN here is Bullish already because in the 5 and 15 min charts we are above the sma's and 320/100 as well but we have not broken out yet price wise.
The market is trapped IMO though and the likely outcome is continued sideways trading. wahz has gone long this am @ 25.00 on the QQQ's which is a breakout play but he was also short @ 24.30/24.50 area last week and that turned out to be a false signal.
My plan here is to lighten up shorts/Puts on weakness to the 24.50 area, my fear is not the Bullish move (too much hanging over the market geopolitically wise) but the time erosion from the tight trading range.
Appreciate your work and posting the charts on the MDA thread was a great idea.
Good trading Bob
steve
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