The market sinks in the morning and then quickly rallies in the afternoon. There's no question that these violent, albeit predictable, gyrations are manna from heaven for daytraders. As long as I don't think about the rationale behind these moves I can stay more or less cool. However, this market is fukkkkkkkk'd up to the core. It wants to go up at any cost and by any means!!
Patience guys and gals. Back on March 20 I forecasted a highly probable move to retest the 1390-1400 level on the SPX. This was based on the following weekly SPX and VIX chart. Watch this level carefully now. Weaker weekly candlestick this week. Start looking for weakness on the daily chart.
Love it or hate it, the days are numbered for the bulls. No more free lunch! As you might have guessed, I'm already receiving requests to write their eulogies. lol
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