And now a test of ATH.
Rats, I missed a couple points there on that last exit. LOL.
Let's see if ti holds, or we get the break out and run, or perhaps a swing trap...
I'm not really putting a line in the sand, so much as technical levels for anyone here interested in trading it today.
That first support level has been a good buy area, and the resistance area is where to sell today, so far.
If you saw my thread from earlier, that's exactly how I'm trading today.
Have weekly puts from yesterday before the close, and trading the long side with futures, buying at that 1869.50 level.
Getting out here Again.
No, actually when we were down 40 in a day, both times, I posted that I would expect some kind of bounce after such one day declines.
That's just common sense.
As to how genuine the recovery is, and how honest our media is, we can ask the NSA agents who oversee the news desks.
The market will do what it does.
I see supply around 1873-74 and demand around 1869 ish today, and that's exactly where it keeps turning for now on both ends.
Would have expected more of a pull back today rather than bouncing above and below the unchanged level.
Watching now for a break below support, if not then likely a bounce back to 1873-74 area.
I'm beginning some of the smarter doomers are going long here.
If the treasury complex gets hit (China and Russia) they will at the same time abandon the dollar.
We could see a Wiemar type parabolic move.
This could be another dimension to the market not being talked about very much.
Stocks may or may not outperform metal, but the government can always confiscate and manipulate physical metals.
Thumb it all you want.
That's two good bounces from 1869, and headed up past 1873 now. Long on that signal and looks good so far.
For our shorter term purposes, that support level worked great this morning. For the brave there was a quick sell at the open.
Let's see, dropped right down to 1869 ish and bounced.
Let's see how that area holds up, could be your long entry.
Support doesn't matter? Of course it matters, without it, all the sellers can't get filled at a certain price and have to lower the ask to find demand.
I would imagine the latest round of longs would have some stops just under support levels.
If limit buys kick in at support, stops won't get hit. So we'll see if these levels are good enough or if it needs to be a bit cheaper for more demand to kick in.