Mr. B with a little Friday NYMO chatter.
The cycle is up?
A lower high was set yesterday. If we get a closing lower low, I'll be marking January 29 as the cycle high and price benchmark.
The bulls could still take NYMO higher though. So, the cycle is up until it is not. Just have to wait and see.
We hit two target areas this week. Resistance levels are dropping and thus possible further upside targets are slipping lower.
Given the look of things, the upper target areas look like very remote possibilities to me.
However, the middle keltner band, currently at SPX 1971ish, could be doable if we can get another thrust within what may be an upward channel here.
This middle keltner band is dropping about 2.5 handles a day now roughly.
If we get a closing lower low on NYMO, turning the cycle down, I'll be slapping some downside targets on this chart.
Last Friday, I got a bit bearish given the extreme NYMO move.
I closed longs Monday and caught a nice day trade short on Wednesday.
I am flat now, but am oriented to put long back on.
There is pretty good asymmetry to be had if one can imagine a trip to the middle keltner band.
Let's see how today unfolds. Mr. Market can do what he wants, and I don't have a clue what that will be.