Post-market, Monday, May 24, 2021
Updated
Good afternoon traders!
Here is the recap of the market:
20 Days trend: Down. This trend is weaker than this morning due to the big positive day we had.
VIX: 18.4. So far it agrees with the direction of the market, and is not showing any kind of reversal, but it is still something to keep an eye on.
Market:
The market moved away from the VA, and gained a new position, similar to that of the 6th of May. The price action is telling us that the market is kind of stuck in this prices, with no preference for highs or lows after the re-open. The volume in this new spot is showing a kind of weak low, which makes me think this might be it for the push, and we might have a reversal to the previous VA from here. Even nowing this, I will like to keep playing this on the long side, since there is a great risk/reward ratio for me (still in from 4175 form this morning, and looking for 4228)
Currently I have one open position at 4175, and I'm willing to add at 4196 if we come back.
Stop: 4188
Traget: 4228.
Here is the recap of the market:
20 Days trend: Down. This trend is weaker than this morning due to the big positive day we had.
VIX: 18.4. So far it agrees with the direction of the market, and is not showing any kind of reversal, but it is still something to keep an eye on.
Market:
The market moved away from the VA, and gained a new position, similar to that of the 6th of May. The price action is telling us that the market is kind of stuck in this prices, with no preference for highs or lows after the re-open. The volume in this new spot is showing a kind of weak low, which makes me think this might be it for the push, and we might have a reversal to the previous VA from here. Even nowing this, I will like to keep playing this on the long side, since there is a great risk/reward ratio for me (still in from 4175 form this morning, and looking for 4228)
Currently I have one open position at 4175, and I'm willing to add at 4196 if we come back.
Stop: 4188
Traget: 4228.
Note
Even with a couples ocues against the upper side, the market managed to go higher overnight. It seems that the slight tendency from teh price on the top left chart was telling us there was a resitence aroun 4206, but the market was cklosing in to it, and managed to get through, and now is using it as support.
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