The low on the day was 1419.28 and the ultimate low target we had was 1420, so I will take this as the target being satisfied.
The wedge that is forming will also play a vital role for the next major move for the S&P 500.
With the downside target being satisfied and the bullish price pattern today, I would look for this wedge to be broken to the upside, with a minimum target of 1523 on the S&P 500 Cash.
Add some strong seasonal strength over the next 3 weeks and you have a serious recipe for a substantial intermediate term rally.
The probability model calls for a continuation of the rally, with a high odds on favorite for a very strong day. Being the day before Thanksgiving however will really make the market thin after 11:30 or 12:00 so there is some potential for more volatility.
I suspect my Day Trading day will be over by noon tomorrow as fills tend to get terrible as the market thins out.
So, we have some very high odds that a major intermediate term low was put into place today and the next major price move should be higher.
Continue to Buy On Weakness
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