The market is still in its month long trading range. The odds still favor a new high, but every day that fails to get there reduces the probability.
Even if the bulls get a new high, it will probably not go far. The bears need a good reversal set-up; like some form of a double top, and a big bear bar. Then they have a chance of at least a few days of selling.
A bull breakout will probably not get far. A bear breakout will probably reverse back up from a significant support level. See chart for targets. The market will probably reach both targets (new high and a sell off) in the next month or two. It is currently deciding which direction will be first.
Even if the bulls get a new high, it will probably not go far. The bears need a good reversal set-up; like some form of a double top, and a big bear bar. Then they have a chance of at least a few days of selling.
A bull breakout will probably not get far. A bear breakout will probably reverse back up from a significant support level. See chart for targets. The market will probably reach both targets (new high and a sell off) in the next month or two. It is currently deciding which direction will be first.
The rally has been strong this week, and the bulls will probably buy the first reversal down. This is probable even if there is more pullback and/or sideways trading. The odds still favor higher prices.
Have only been day trading since 12-12.