We had a very flat day yesterday and the strength is looking very weak, looking by the volume over the rally last days. Volume declining indicating that a pullback are in due imo and could probably start today. The pullback I am looking for should find support at 1100 or 1080-1085 area. After the pullback I can see another leg up to around 1140-1150 area, but I will remind you I am long term VERY bearish, so this is just a counter rally and we wont take out the highs. So I am looking for 1140-1150 SPX, but a pullback near term should most likley come. The VIX found some great support from the lows and have positive divergence. The SPX on 60 min chart also have bearish divergence which indicates a pullback should come too. But if we no matter what, just rally more short term and goes to around 1130-1140, then I am going to load up big time on shorts, but dont think we move up to these levels before a pullback.
I got some very nice profits another day in a row on some small caps and I am only in RPC, OXGN, IBCP, JTX at the moment ( still think IBCP will be one to explode very soon; probably today)
Have a great day !
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