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Good afternoon, traders.
Our task for now is quite straightforward.
The S&P 500, after testing and then regaining the neckline to the head & shoulders pattern yesterday, gapped up and shit all over itself today.
I had several reasons this morning to be skeptical of bearishness including:
- Why gap up where we should be gapping down? We already tested the neckline in the cash session yesterday, the best thing for bears would be to gap under it and we didn’t.
- We also probed that stupid gap again. We’re either done with it or we’re not. And every attempt we make at re-entering it gives the bulls another chance to close it.
But, price is price and despite having penetrated the neckline in the cash session from above yesterday, we did the same thing again today. It’s a little odd to do that.
Nevertheless, our task here is somewhat easy.
I have no allegiances here, I will try to follow price as best as I can. I hope everyone has a fine evening.