Good morning everyone
As I write this the Dow futures are pointing toward a negative open but some big profile earnings reports prior to the open, a couple big economic reports after the open and Fed speak, how we close the day is anyone’s guess. What we do know as fact is that Friday left us with a bearish candle on the DIA and the SPY once again reacting negatively to the upper boundary of the downtrend. On the other hand, we are also near the support that has kept us locked into a very narrow range of chop.
Being bullish or bearish at the moment would be nothing more that guess reflecting your personal bias. Be careful because anything is possible with the potential for very large moves in price.
Personally, I want to stay very small and limit my trading until this chop has resolved into an uptrend or downtrend. I really don’t care which direction.
Keep in mind after the close we kick earnings of the big tech’s with IBM and NFLX.
Trade Wisely,
Doug
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