Sparse on the commentary today, mostly just charts. This week should provide us the signals to determine the trading direction into the end of the year. I made no trades last week. Better to wait for clarity. I didn't draw in all the arrows, but each chart is implied up or down from here. In my opinion, this is either a decent bull entry zone or a fantastic bear entry zone.
Remember this one? Red arrows just show general direction of 50MA and that respecting it is a wise decision. Currently, we are holding the 50MA and as bearish as some of us are, we would ALL do well to remember that the market doesn't give a rat's ass what any of think it should do. We have a higher intermediate high and a higher intermediate low. Pretty much any move lower here will tilt my view to the bearish side, especially if it breaks 1150.
Small white rectangles are daily 10MA, 20MA, and 50MA, large blue 200MA. I use intraday charts for entry and exit, but I get my direction from the dailies, thus the daily MA's.
Have a good weekend!
