The SPX has dropped about 5% in just a few days(clsoed at 1090 today). MArket attempted a rally today and failed miserably, HOWEVER, i am gonna be watching the SPX very closely between the 1090 and the 1080 level very closely. I think a strong bounce is brewing under the surface. the market is an incredible deceiver. It is the master at making everyone make all the wrong moves ahead of a major move. Bears got the close they wanted today but notice the day's lows were not violated!! THIS IS BULLISH as hard as it is to believe. Bulls got somewhat rattled today with this late day selloff and i am confident we got a nice mix of scared longs who sold into the close and eager shorts who pressed their bets into the close today. This combination is now making me lean into the bullish side again.
I could be dead wrong, in which case i will remain in cash and watch along.
But the bulls now have their opportunity! Let's see how they decide to play it!!
If you cannot think quickly and change your bias on a dime, then you need to start doing that if you wanna trade without bias.
The key is to be 100% neutral. You trade what you see and be open to all possibilities.
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