This is my last update before I'm going on vacation to Greece for 1 week - so there wont be any more updates most likely until next Friday - just so you know about this.
Markets did a boring day on Tuesday , quite flat - but after a 1.6% on Monday , markets held up quite strong actually - which is BULLISH action and marked as consolidation before it goes higher.
I think as the bears could not even take us below 1320 - there is a good chance we rally higher soon.....
I'm still holding all my swing position on TNA 79.35 and will continue to do so. Before I head out to vacation I'm going to take a little profits on my TNA position as I dont have the time to look at markets everyday - but I feel pretty confident too that markets have a good chance + window dressings into end of month + more earnings comming up - which could fuel the markets higher.
So all in all - I'm thinking about just holding my TNA swing position (selling some before) but then holding some until I'm back next Friday the 29th July.
You know - IF and only IF TNA is playing out the inverted HS pattern... well then TNA might see above 100 next which I dont really believe right now - but the pattern targets have bee quite accurate in the past and if it plays out again - then we are about to see a major rally next weeks......
We are already up nicely this week and I'm already in good profits - but if this is just the start of a bigger rally - then I should hold all to get most profits.
I'm watching thet trendline on SPX at 1354 area right now as shown on chart - IF we break this line.... then I think we could see new highs actually.....
If we get a pullback today - I would watch 1310-1315 level for buying the dip before we move higher , all imo !
The question is just - if we move to this level already in this week - I bet you that we are going to break it sometimes next week. Markets has been moving very fast up since mid June with a pullback to 1295-1300 , now the question is if we move higher.
Conclusion: Holding my swing position in TNA (selling some before vacation but also holding some - reducing risk). And I'm also going to hold some good looking small caps for a swing trade 1 week.
I hope you enjoy reading my blog - and see you all next Friday where I will be back with updates every day.
Have a nice weekend and good luck trading everyone !
Hi Sqwii, enjoy your analysis, would you be looking at adding to long positions if we get a pull back to 1310-1315 area or would it be best just to wait for the top and short there. I feel that we are headed up to the 1350 area as well and this would be a good RR trade.
ReplyDeleteKeep up the great work and thanks for your efforts. Enjoy your holiday in Greece.
Hi Muzz
ReplyDeleteAs I've said Im holding my swing position TNA still - if we dip and only dip 1310-1315 is a target to buy the dip , but imo its about to buy the dips as next week we could see more upside.... IMO