Well this is just a simple tech analysis chart. Not a trade suggestion or log.
I still believe that this market can make new highs if not this year then the next. Throughout my experience, short sellers of a general bull trend usually tend to get squeezed out of trades in spectacular fashion and their rejoice is usually short lived. So even though mainstream media continues to question the market, I just ignore it and make my own views based off of what I see happening. Not what they see happening, they have their own reasoning & interests at play which are vastly different than mine.
What I see is the potential of a pullback offering any swing traders the opportunity to either enter short-term short positions or to be patient to enter longer term bullish swing trades. For one we are starting to near previous support turned resistance between the 205-206 area. So I expect swing longs to start taking profits (Orders to sell to get out of long positions), and shorter term swing traders to enter short at resistance; thus providing the necessary selling power to make the market pullback. Another thing you traders will notice is that resistance is more complex than just a simple horizontal trend-line, there are multiple points of resistance colliding into the 205-206 area. Including the dynamic resistance in the form of the descending trend-line and the weekly 20 Moving Average.
Note: T.V. said the description is to long so I will post the rest in the comment section.
Cheers, hope I made sense in this post lol. And I do hope some traders found it helpful.
I still believe that this market can make new highs if not this year then the next. Throughout my experience, short sellers of a general bull trend usually tend to get squeezed out of trades in spectacular fashion and their rejoice is usually short lived. So even though mainstream media continues to question the market, I just ignore it and make my own views based off of what I see happening. Not what they see happening, they have their own reasoning & interests at play which are vastly different than mine.
What I see is the potential of a pullback offering any swing traders the opportunity to either enter short-term short positions or to be patient to enter longer term bullish swing trades. For one we are starting to near previous support turned resistance between the 205-206 area. So I expect swing longs to start taking profits (Orders to sell to get out of long positions), and shorter term swing traders to enter short at resistance; thus providing the necessary selling power to make the market pullback. Another thing you traders will notice is that resistance is more complex than just a simple horizontal trend-line, there are multiple points of resistance colliding into the 205-206 area. Including the dynamic resistance in the form of the descending trend-line and the weekly 20 Moving Average.
Note: T.V. said the description is to long so I will post the rest in the comment section.
Cheers, hope I made sense in this post lol. And I do hope some traders found it helpful.