I see another 4% move possible where it will be met with heavy resistance. The sell off could be massive, we are way overextended over moving averages and we are due for a correction. Short term into February I could see us continue this bull run, if it can break through 150 into 155 then maybe we go further, but I expect profit taking. I expect us running up to test the 1st resistance, then coming down into 2nd support, fall into 3rd, and so on. Falling below the 2nd support would be bearish and we can short down into the 3rd support. Secure profit there and wait for another indication either down to the 4th support or back up to 2nd resistance.
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The second support has collapsed, let the puts print down to about 134
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There goes the 3rd support, now looking for the 4th level around 127!
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Good level to watch here, breakout above this resistance and we are looking to test level 2 resistance at about 140. Breaking below and we are still looking at 127 soon.
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Wow, so this hit all of my targets. Congrats to anyone who held short since this was called out. I would be getting ready to close short positions as this may be the bottom or I have to find new support.