Morning Ideas October 28, 2021
Morning Traders,
We saw some of the weak longs get flushed out yesterday at the close, as we ran into some pretty stiff support underneath in the 4550 area.
I would expect the 4550 area to be pretty key today, as I think the longs will begin to throw in the towel around 4540 and not be that interested to re-try the longs until near 4500. 4500 in that scenario would become HUGE as the market is vulnerable beneath that.
On the upside, I would look to see if the market can get back to 4565-67 area. If we can, the market is back in that upper distribution and I would expect it to climb towards 4590.
Two scenarios, I think the more likely scenario is the second, but as you guys all know, I'm a perma bull in this market :)
We saw some of the weak longs get flushed out yesterday at the close, as we ran into some pretty stiff support underneath in the 4550 area.
I would expect the 4550 area to be pretty key today, as I think the longs will begin to throw in the towel around 4540 and not be that interested to re-try the longs until near 4500. 4500 in that scenario would become HUGE as the market is vulnerable beneath that.
On the upside, I would look to see if the market can get back to 4565-67 area. If we can, the market is back in that upper distribution and I would expect it to climb towards 4590.
Two scenarios, I think the more likely scenario is the second, but as you guys all know, I'm a perma bull in this market :)
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