LAST evening the suggested point for selling was 1407. We had a LB gap open that hit the BO-5 area and stalled. By the Euro Zone, the PA failing above the LB was seen as weakness, and the 1407 shorts delivered for a nice range run to the SB area.
The best the bulls could do was a reversal back to the bear selling TL. By B172 (around 8:15) we have a double bottom push back to the bear TL. By the US Open we had the final test of the SB and the bull channel is underway. Although the SBBO hit a +1 first, there was no guarantee of an exit. In the weekly analysis, it will be regarded as a failed BO.
The B1 buy signal combined with the SBFBO created a low risk buy in the 1401 area with targets at 3.5 and 5.5 as a minimum for the range run. +8 profit taking for the LOD bulls created a PB to the LB creating opportunity for new longs in the next leg for the bulls. BO-5 was hit and PA continued to additional exits at the BO-10 level. The FBO of BO-10 was regarded as a short with PA expected to return to the BO-5 area. This is a typical play, and it was successful again today.
The best the bulls could do was a reversal back to the bear selling TL. By B172 (around 8:15) we have a double bottom push back to the bear TL. By the US Open we had the final test of the SB and the bull channel is underway. Although the SBBO hit a +1 first, there was no guarantee of an exit. In the weekly analysis, it will be regarded as a failed BO.
The B1 buy signal combined with the SBFBO created a low risk buy in the 1401 area with targets at 3.5 and 5.5 as a minimum for the range run. +8 profit taking for the LOD bulls created a PB to the LB creating opportunity for new longs in the next leg for the bulls. BO-5 was hit and PA continued to additional exits at the BO-10 level. The FBO of BO-10 was regarded as a short with PA expected to return to the BO-5 area. This is a typical play, and it was successful again today.
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