I have reduced my risk greatly in the last couple of days. I am very hesitant to play here. Bullish momentum is and has been building on the "longer frames" (1D+) for a couple of days now whilst the "shorter" time frames (1D-) are showing signs of exhaustion. With that being said, I am inclined to play bear and I have a couple bearish positions heading into the end of this month.
We all know the market can and will be irrational most of the time, but I feel at this point I would like to believe that consolidation is due, and some retracement could benefit the health of the indicators. I would like to see SPY at 405 over the next couple of sessions, possibly heading lower but we will have to revaluate EOW.
397 is not off of the table. But it would take some serious selling pressure, something Im not convinced will come at this point.
TLDR: I have no idea what is going on, but ima short it.
We all know the market can and will be irrational most of the time, but I feel at this point I would like to believe that consolidation is due, and some retracement could benefit the health of the indicators. I would like to see SPY at 405 over the next couple of sessions, possibly heading lower but we will have to revaluate EOW.
397 is not off of the table. But it would take some serious selling pressure, something Im not convinced will come at this point.
TLDR: I have no idea what is going on, but ima short it.