Admittedly a little surprised we didn't wee ANY continuation of that monster pop the other day, but the low/mid 1370s did end up finally being support -- right @ the 20 DMA among a couple other study indicators. The pierce but recovery of that MA shows willingness for buyers to step in at that level, so in this sideways trading zone I think we will see a little upside today. The range is tightening though, with resistance still @ upper 1380s and support @ the current level, but some downward space to 1358 - 1360. After that monster I really thought we were going to tap, if not crack, the ATHs -- the swift rejection of that idea has me wondering...but I'm still overall neutral on the RUT until a confirmed moved through either that floor or ceiling.
To be honest, I wouldn't be surprised if even Fox News was pretty negative about the "Repuplican" President. Haven't watched it the last few months, but from what it sounded like prior to when he won, they didn't seem to like Trump at all. If they don't "support" him, then they can say "we didn't even support him, give republicans another try" later.
OK, it may be premature but I'm going to toot my own horn here. It looks like the one time I'm right it's at the beginning of 2017. If this turns out to be confirmed by today's close being as bullish as things look now, maybe I won't make anymore predictions for 2017 so I can say, "I was right all year!"
Busy day for me. Just now getting on to check up on the markets. Was thinking we would have a boring flat day today. Logged in to the platform to see we came with 2 ticks of 20K lol. Cray.
although i'll be perfectly honest i don't really care much for this meaningless # but that was kind of comical "19999.63" just print it and let's get on with it already ....
I had a fitful night sleep last night. I went long before bed at 2261.75 and put my stop below yesterday's low. Almost a $500 loss if I was stopped out. But after posting those charts I thought to myself, look, all the evidence is there. Don't be afraid. Paying off bigly today. Moved my stop now to 2262. So now if the worst happens, at least I'll get out for a few dollars. This seriously helps my SPX position also. I put in a broken wing butterfly back at the beginning of December. Max loss is $500.00. I'm pretty sure I'm going to see that max loss.
Wow we were that close? Lol true pretty meaningless, will be interesting to see if more retail investors will finally get back into the market on the Dow 20K milestones though
Can't help but notice, as all eyes are on DOW 20K, how the RUT is not playing today. Bulls & Bears are duking it out between 1375 & the 200 MA on the 10-min...I'd normally be encouraged by the higher lows, but the fact the RUT isn't following the DOW's lead gives me pause...pattern suggests we re-test, or at least drift higher, into the close -- we'll see...
I would be taking rest of the day off from the market already on another day, but the possible run to Dow 20K by end of the day keeps me looking at the indexes lol
