It's hovering around the 4120 level. I don't like exiting that early, but I don't want to risk losing the gains I made either. So, in this environment, I think it's better to protect my profits and curb my "greed"
Looks like we'll have a green day to end the losing streak at 4 days...but still there is no upward momentum, if we get a 12 o'clock reversal on Friday.
I missed entering today at SPX 4100. But the market is acting strangely. I don't want to enter at above 4100. I wanted another entry somewhere between 4050 to 4070. But, not above 4100 definitely. But, I'm wondering if the price won't collapse to 4050 or even 4000 either tomorrow or by Friday. If so, I'd want to enter long--and then strategically exit, as what I have been doing.
I say the market is acting strangely, because, from a certain standpoint, it should be at least hitting 4200 and maybe even 4250 by now. But it's not. That's strange to me. Of course, 4200 has been a significant resistance, but if it's hanging around this 4100 to 4200 zone, I don't understand why it doesn't just pop above 4200, despite "everything" [inflation, the FED saying it won't rule out raising rates, etc.]
I would still be pretty surprised if we can get inflation under control eventually without some pains in the economy but I guess so far so good
Tech stocks continue to lead, but it looks shaky. It is specifically big cap tech stocks; the equal weighted QQQE has not reached its high from March 31 (before earnings season). Also semis (SMH) haven't reached their March 31 high. This month the ARK-type stocks have been carrying some of the load, but they now are nearing their March 31 level.
Earnings reports have been fine this quarter, but stock performance on ER days hasn't been that great. Tough to find much that is +10%. NVDA and AVGO have yet to report.
Bad juju, in my opinion, at the moment. As others have mentioned recently in this thread, nothing in the financials markets seems to make sense. I understand that is a trend in the modern world - few things make sense, anymore - but still, it's disconcerting.
Ok. I entered long at SPX 4100. We'll see what happens. This is in that crazy range between 3800 and 4200. But within that broad range, the price seems to be stuck between 4100 and 4200. If that's right, entering at 4100 is ok. But, I know the price will go above 4100 at some point and so, at worst, I can exit at break even but I do expect to make a profit--the question, of course, is by how much, because this market continues to be about exiting with a profit [profit taking]
I entered a long position at SPX 4110 when it collapsed at the end of the day. I am prepared to add to that position, if it collapses more. But, it's been consolidating in the SPX 4100 to 4200 area for a while and it's likely to at least test the 4140 to 4150 area at some point--not based on my trading theory, but just gut instinct, since the market at this point, has been crazy range-bound and within this space, with not a lot of volume, anything could happen, in a sense. A lot more could be said. But, I guess we'll see what happens.
