SPX500: When In Doubt - Get Out
Just sharing some price actions observations.
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We did have a breakout from the recent congestion. Is that a sure sign of a new uptrend? I'm not sure. I do see some indecision as of today. Maybe we'll see the top of the bull flag consolidation tomorrow?
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SPY 245 crossroads? In any case that line can be used for risk management. It's a well defined level. I just came back from Starbucks. Adrenaline is boiling up so don't listen to me.
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245 is likely to be retested and then we'll know if this was an act of genuine love or just some sexually driven filthy impulse.
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Now let's go to 244 and kill the remaining gamblers?
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It's hard to stay in a position here (SPY 245.60). I think the best choice is to wait for a p/b based on the fib levels. We might see some cool off Monday - Tuesday. Shorting is risky, but I try it with very small positions (no stops as the positions are tiny and become the stops).
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When we listen to "experts" they create a bias in our minds. We become slaves to their opinion. It's better to look for a change in colors.
