Markets did gap down a little and then reversed higher over the day with a very nice rally higher into close.
We are still trading in the symmetrial triangle pattern so a major breakout or major breakdown is underwayer very soon imho.
Markets have support at SPX 1230 and resistance at 1270 right now.
The futures on COPPER looks like making an inverted hs pattern with the right shoulder about to form now - when this right shoulder is done , copper should start to LIFT OFF and that would helpd markets.
Conclusion:
Dow jones and TRANSPORTS hit resistance yesterday , TRANS at MA(200) and dow jones upper trendline in triangle , the question is ,, will we get a pullback to lower trendline again BEFORE the major run I expect ?
Time will tell ,, overall I think we will breakout of this trendline very soon. Holding all my TNA from average 44.5$ now already in good profits.
Like I said in earlier post, too soon to go long. Also dangerous to go long during Opex. Let the dust settle then make the call. Also as long as Europe keeps market nervous do not expect a rally.
ReplyDeleteJMO