A day of rest for the bulls and bears with about as much movement as we saw Saturday and Sunday for the major indexes. The bulls are still in control of the orange nano channel, but they are barely handing onto the momentum at that level and I'm being as generous as I can be on the bottom trendline there. The bottom of the Pink C wave channel still isn't in much danger and that remains the key trendline to watch this week. The bulls looked to be running low on ammo and supplies for much of the day as volume dried up. Were they saving that ammo for one last charge into Turbo Timmy's plan or will Turbo inspire the bears and scare the bulls much as his predecessor Hammerin' Hank did?
My longterm troops are already deployed into the bear camp for the most part. Short term, I'm still waiting for more confirmation before getting aggressive with futures or deploying any front month shock troops. Once again, any shorting you do here has to be understood to be front-running. If you are looking to play long I think you are too late. The time to get long was the 3 or 4 chances you had in the low 800s over the past couple of weeks. Chasing long here as a position trade is very risky. Bear markets seldom reward chasing either on the long or short side. Either you are in the move before the turn happens or you're late.
Not That Strong
1 hour ago