Hey Guys,
The market is up again this morning. The MES futures are 4,080, a price point that we saw briefly last week.
The market might be facing some resistance right about now. Check out this chart:
Over the last month or so, the market has not been able to get over this price level (orange line in the image). It keeps hitting that level and bouncing back down. So it's possible that the market could take a breather and come down some if this resistance proves strong enough. That said, the market has shown signs of strength in the last couple weeks, so maybe it's ready to push through.
If it does come down, we'll be ready. Our watch list is full and we're just waiting for stock and options prices to come down in order to get in on some of the action.
No new trades yet today. I'm not going to force anything. I'm going to take what the market gives me.
If you have any questions or feedback, I'd love to hear from you.