A wild, wild day at the races, as the market takes a plunge back down to the breakout area and returns to settle back well above the Buy signal line.
Last week showed us that there is turbulence in the marketplace and that price is starting to press some buttons – sell programs / hedging to lock in significant profits / targets acheived for the year, those kind of things.
If the volatility continues, and I think that it will, we should have some more extraordinary opportunities in December for profit-taking. As we can see the range has expanded considerably and we can expect the market to bounce around within this vast new range, initially marked by the recent high and low at 2605-2657 but perhaps opening out to 2575 – 2700 in the weeks to come.
The fun and games continue today with the Futures market playing catch me if you can – and trading significantly higher in pre-market.
Be prepared for whatever is coming next, and trade with confidence:
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Disclaimer: This is the diary of a personal trading system, its methodology and the signals that it is producing. You are welcome to follow along but please understand that the information presented here is for educational purposes only. No recommendations are being made to buy, or sell stocks, options or futures contracts. Please consult your own financial advisor before making any investment decisions.