Well, yesterday I got my face slapped by the bulls when the green rising trendline did NOT break and give me a pullback with a red close. Instead it bounced off that line and rammed it up to new all time highs. Sometimes I it’s pointless to call for a down day as this market is just too insane to predict. Basically you just call for up every day and you’ll be right 99% of the time. Kinda like calling for snow in Hawaii is the same as calling for a down day in the market. Of course I was expecting the 230 FP on the SPY to be hit at some point but yesterday didn’t look like the day it was going to happen.
Anyway, enough bitching at myself. I never took a position so I didn’t lose anything, therefore I should be happy. It’s just that I hate being that wrong on a call. Ok, let’s move on and focus on today… which looks simple to me. My forecast for Friday is sideways action all day with a slightly bullish bias toward the end of the day when the futures hit the rising green trendline again and are forced to break it or push up again. With today being an option expiration for the weeklies and having all those bears trapped below I can’t see them breaking today. So looking like a boring day where the bulls just “run out the clock” on the bears and close the week out with another win for them.
My interest is in the close today as I’m thinking there “could” be another setup for a short over the weekend like we saw back on 01/27 into Monday 01/30 where we pullback into this 2290 area like they pulled back into the 2265 zone back then. Give me about 7-10 points higher going into the close today and I’m interested. Like I’ve said many times they tend to run the market over an important “even number” level about 10-20 points before pulling back for awhile. So give me 2320… give or take a few and I’m a bear over the weekend.