MARKET CONDITIONS –
At this writing we are moving higher under both the specter of negative divergence as well as diminishing volume. The VIX stays elevated and price action is likely moving in a test of resistance and a squeeze higher.
Regrettably, I am having some technology issues from the airport today and feeds as well as uncertainty have led me to the decision not to publish levels today.
Volume formations suggest that the first pass into resistance will fail and come into higher lows as traders are clearly caught on the wrong side with all the gloom and doom of the media airwaves permeate the market.
Though it is VERY likely we do not hold these levels as we move up, it is a fool’s errand to jump in front of the trend and try to pick a top.
Draw a trend line and engage long as it comes into the trend. If it breaks and fails to recover, we can leave the trade long. Simple mechanics today.
My sincere apologies for not having levels today – tech problems should be fixed when I get to my other machines in FL and I will do an afternoon update then.