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no idea up or down here. maybe the pullback has legs?
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Yes, my late day 'good for 3 points' trade is definitely gone. Was pretty hit and hiss the last couple of weeks. Of course with all the withdrawals rebalance may be code word for raising cash.
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Another Friday BachNut... and I am really glad it is Friday.
The NYMO cycle may have turned up, but it is unclear.
In a 4 day move, it broke prior local highs and had a close above the zero line. Bullish.
However, corrective moves to the zero line are common. So, we could see down cycle resumption from here. Time will tell.
I am leaning bullish because NYMO made an intraday low in the turn zone last week and the October price low came with a positive NYMO divergence relative to September.
A NYMO close above Wednesday would confirm the up cycle.
I have been commenting about a lot of supply trapped above the August price low.
Over the last several days, price has found resistance right about that August low. So, that appears to be an important price.
I am viewing the October 13 low (which is in an established support area) and the October 14 high (which is about that August low) as key price levels.
A good break (more than an algo stop run) of one of those levels (2114.74, 2149.19) will have me looking for a move to the respective set of targets.
Until then it may be chop chop. If we have an up cycle that breaks up, I am inclined to anticipate a choppy move up given this trapped supply issue.
If we get a break down, we may see a flush.
October month end is a week from Monday.
I tend to have a bullish bias for this time as this month end does feed into manager performance bonuses.
I am flat. Shorts from prior weeks got profit/breakeven stopped. I was not left with a lot to show for my effort.
The choppy price action since July has really started to get grinding.
The routine has been put on a position, fight to hold it, scale out a piece to get some profit, watch the rest get stopped out for nothing or not much, do it again.
A nice directional run will no doubt arrive once everyone is worn out.
I don't think I'll be doing anything in equities today. Not sure if the next trade is long or short.