FOR TUESDAY: (1/23) Not sure what the next crisis will bring but market continues its massive self-generating upward movement and it seems pointless to look for a pullback. Past cycles suggest a 2-day pullback but bears easily get killed picking tops so if we get one, we can buy. Dollar looks higher now for a few weeks and crude may retrace a few days and this is buy and time’s up for metals to rally, and they’re struggling and we need to start selling.
MARCH E-MINI S & P 500
TRADING RECOMMENDATION: Wait for morning comments.
S & P ANALYSIS FOR MONDAY: (1/23) The 2830 target came out decisively with the “can-kick” and resistance at 2842. Support at 2830 and 2825 with support down to 2866 an 2876. If we do manage a minor pullback, we have to buy. Pointless to think that our 70-point pullback will come with all new numbers getting blown away.
SHORT-TERM: (1/23) Have to focus on 2980 now and while we though that would take until June, it could easily be in much sooner at the rate of ascent.
CYCLE SYNTHESIS: Retracing lower into Wednesday; higher into Jan. 27 and 31.
Comments are closed.