By Harlan Pyan
The following is an excerpt from yesterday’s premium report by All About Trends. Enjoy a free 15 day trial to their service and receive daily stock picks, market analysis, and a complete trading plan.
It’s holiday trade so we’ll most likely see a lot of sit and spin from here on out as trading volume keeps dropping off more and more. So the best thing to do here is to probably quiet the mind, you know that thing that is your most important asset.
All you need to know for the most part the rest of the week can be found in the chart below.
Over the weekend we said:
“See the lower green uptrend channel line? It’s an important line as it goes all the way back to the November lows and defined the whole uptrend off that low. As you can see we’ve broken it to the downside.
What you can also see is a pretty normal occurrence which is a snap back up to it in what we call a Kiss Of Death Retracement (KODR). As you can see we have a little bit of room to go to the upside IF it actually is going to make a perfect tag. So there is another inflection point that could be coming into play next week that says we are not done going up. It’s limited upside, but none the less. Now should that pop higher to kiss the green line and a move lower from underneath occur? It would serve a few purposes.”
Game Plan For The REST Of Week
Get some REST from the markets here (clear the mind folks). We’re stacked with cash and we’ll have plenty of time and opportunities to do things over the next few days. More so when we see what happens Monday, that’s probably when we’ll see some fireworks in the markets.
We COULD make one more final drive higher in the form of a shake and bake move over the 50-day in order to shake things up as we go into next week. We say that as the red lines and green KODR line on the 60-minute SPX chart show a bit more run to run it if they want to.
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