And lo and behold, we opened 165pts higher this AM.
That being said, and in line with how this bullish market has been proceeding for some time, it quickly sputtered out and spent the rest of the day in a very organized and equally frustrating decline that had the more experienced market participants sitting on their hands..like us.
So, was this just a disappointing bull performance as has been the case in the past few months or is the fact that the most bullish of the indices, the Naz, had the worst performance of all?
That could be a big deal..
As you'll note in the top right quadrant of the annotated chart below(with support lines) , it pulled back right to it's b/o point..something to watch for sure as we'd like to see some consolidation above this key support line before committing our hard earned money.
Either way, as you all know by now, we don't trade unless the environment is right for it..which has saved us a lot of $$ in the proceeding months!
In conclusion, what we're looking for is a consistent move in the indices that we're able to correlate with the correct stock.
Hopefully, today's sputtering isn't a sign of something that many of us are concerned about..
That there aren't any bulls left to propel this market higher and that a considerable pullback is necessary so as to "re-fuel"
Have a great weekend..