I am not into day trading and I don’t want to get into very short-term chart patterns…yet I will eat my words today! Yesterday in the quiz I highlighted the following technical observations… (see post)
1) 500 index at the highs reached in January. 2) Fibonacci 61% retracement level. 3) Rising wedge 4) Falling wedge in the VIX. Speaking of the short-term, can we add action of this morning into the negative mix???
First off….This day is long from over with!
Micro view of this morning…. A pattern that more often than not, takes place at highs!!! If you are long, you usually don’t want to see a 1% upside wick take place, with all the technical situations mentioned above… Oh, by the way, did I happen to mention that the dollar had a terrible month and only 5% of investors are bullish the one asset that could change its trend?
Again…This day is long from over! Good luck everyone.