We're at the 200 day. Now What?Good morning. Last week we finished the week in the green even with Powell speaking on Wednesday. And now, we are hanging out at the 200 day. So.... where do we go from here? The charts are telling me to be bullish, but we should remain cautious at this level. The overall big picture makes you sit back and think. We visited the trend line from this years high back in late March and mid August. Both times, we headed lower shortly after. Is this time different? Since October we've had bullish price action and everything is saying to be bullish. But.....the overall long term pattern should not go unrecognized. We're still in a Bear Market.
I wouldn't be surprised if we grind a little bit higher this week but overall, just base here until next week. CPI is due out on the 13th and that's when we could see some action. I have my eyes set on 3600 by the end of the year. Let's see what happens. Either way, be patient, stay disciplined, control your emotions and trade the market in front of you. Happy Trading!
