ORIGINAL POST: 9:55 AM
The night watchman at the plunge protection team was obviously dozing last night when futures traders snuck in and engineered the dip we discussed yesterday:
The trend remains up, but I will look for any weakness to scalp a few points on the downside, with an objective of 1367 and stops at 1380… How we get there from here is anyone’s guess. But, I mostly expect one last retrenchment before the final push to TL 2. A logical place would be TL 1…
If you didn’t get short ahead of time, the likely downside of this push is the small channel bound at around 1364. I don’t think it would be worth jumping in at this point. Of course, if we break 1360, it’s a different story.
The channel bottom isn’t absolute, as there are a few different legitimate choices depending on whether one includes tails or not.
The picture is a little clearer on the daily chart.
If I’m not mistaken, that’s a very nice tag of TL 1 at our objective of 1367 (well, 1366.64) and probably marks the low for the day…less a few more easily rattled options buyers whom the market makers wanted to shake free of their winning positions. Gotta love OPEX.
Now, onto the big questions: Where do we go from here? What happened to our price targets? And, what happens after we get there?
continued…
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