Well, what do you know, more trending today? O.k. by me, as long as I am on the right side of it. I am long from two buy points marked above. We took out the Globex achieved all-time-high at 4492, and that was my bull threshold point. Having said that, I am mindful of the channel top above us and the 4500 level, which is psychological. Then 4537 is the projection of the China Virus decline mentioned last week, as we are now in the “C” portion of the recovery leg. Technically, that is using regular session data only. But you know the zone, at minimum.
So I am long the small pullback bull microchannel until it breaks – which is likely soon – and, usually, I’m not particularly eager to hold over NYSE and CME lunchtime. The opening range breach and measured move are 4497 or so. Also, 10 points a contract is not bad for any day-trading day.
No changes to the macro picture. We have to break into a new channel or ride this one. The Founder’s Group might be game for an ever so brief swing trade if we move above and into a new channel.
Stay tuned.
A.F. Thornton