On Friday I was looking for one more push up into the low/mid 17k region. All we’ve gotten since then is chop though and the bulls chances of pushing higher are getting slimmer by the hour. For now, as long as above 16.7k I think it’s reasonable still to see the bulls push up once or twice more. Below 16.7k would lower the bulls chances (but not completely take it off the table, depends on how the decline forms). I’m going to move my stops to breakeven around 16,650 on the longs to be safe though.
Bigger picture, I still expect 12-14k next. Whether the bulls can get this above 17k first or not is really the only question. We shall see.
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