Friday is very important.
The last two sessions formed the batwings, though imperfect. It says we should gap down tomorrow and we should get a sizable selloff. If we gap up (decently), meaning the batwings formation fails, we will rally huge...thus, absolutely clobbering the bears because many are short and expecting us to head to the at least low 80's on the SPY.
We are at a turning point as of today. Either we come back and retest SPY low 80's, or we zoom higher and possibly not looking back. All is determined by this batwings formation! How exciting is that?
There is a wildcard, though, and that is tomorrow's option's expiration. Maybe tomorrow doesn't mean anything and next monday is the real deal. I, however, have the feeling tomorrow will be quite meaningful and will determine what happens next week.
The last two sessions formed the batwings, though imperfect. It says we should gap down tomorrow and we should get a sizable selloff. If we gap up (decently), meaning the batwings formation fails, we will rally huge...thus, absolutely clobbering the bears because many are short and expecting us to head to the at least low 80's on the SPY.
We are at a turning point as of today. Either we come back and retest SPY low 80's, or we zoom higher and possibly not looking back. All is determined by this batwings formation! How exciting is that?
There is a wildcard, though, and that is tomorrow's option's expiration. Maybe tomorrow doesn't mean anything and next monday is the real deal. I, however, have the feeling tomorrow will be quite meaningful and will determine what happens next week.