You know, when the Bulls get to work on a weekend, they gap whatever resistance they couldn't break through all week! Not the bears, I guess - We open with a weak slide down, pretty much kicking the can down the road of uncertainty (at least for me). We still have some breathing room to consolidate before we run into the trend resistance for the last leg down, where bulls will once again have the opportunity to try and make a flag out of the bears.
I guess it's a bit of bias from all of the recent volatility that I'm frustrated some consolidation might be required after a 5% move. With that in mind, the blue arrow may imply too narrow a consolidation range, nothing under the trend line or over 2793 is going to spook me away from this look.
That being said: Trend resistance is what I'm looking at most - if the Bull break through, I could see filling the new gap to 2893. If the bears wake from their 7 week hibernation and keep this thing below trend, a QUICK trip down through some FIB levels all the way to the gap at 2550 could be in order. That's a thought for a future post though...
For now, I've added some OOTM options as a break-even hedge against my net-short position in case we do see another bounce... but I'm a swing trader, and my profitable side is certainly down from here.
Happy Monday, y'all.
-Ty
I guess it's a bit of bias from all of the recent volatility that I'm frustrated some consolidation might be required after a 5% move. With that in mind, the blue arrow may imply too narrow a consolidation range, nothing under the trend line or over 2793 is going to spook me away from this look.
That being said: Trend resistance is what I'm looking at most - if the Bull break through, I could see filling the new gap to 2893. If the bears wake from their 7 week hibernation and keep this thing below trend, a QUICK trip down through some FIB levels all the way to the gap at 2550 could be in order. That's a thought for a future post though...
For now, I've added some OOTM options as a break-even hedge against my net-short position in case we do see another bounce... but I'm a swing trader, and my profitable side is certainly down from here.
Happy Monday, y'all.
-Ty
