After the Panic Buy on Friday that you saw, and then the Gap Up that was faded I think that it is safe to believe that the buyers are starting to buy everything and chase. Yesterday the Futures did not test the overnight highs but tested 2265 as circled below.
We are right at this level again after gapping up 8-10 more handles. Everything today until tomorrow afternoon is going to be just straight noise so whatever day trade you put on will likely get stopped out if you don’t close it before the FED.
The market says there is a 10,000% chance that the FED raises rates here.
After being bullish before the election and all of November as seen in the chart below, (November 3rd was my bull decision) I thought that the rally had gone too far, bonds were too dead, and gold was beaten too badly. So at 2245 where the x is I flipped.
Yes I have been wrong for 20 handles but the +160 makes up for it for the time being. Going back to one of my previous post about the SPY channel highs, we came within 4 handles on Sunday night of hitting that upper channel trend line which may happen at the FED tomorrow.
I am sticking with the plan. Some people think Dow 20,000 is happening this week, I don’t know and it really doesn’t matter to me. I have room before I am wrong, 0.89% is nothing from the 8% off the election lows I called.
However this market needs to turn here very soon.