The game continues.
Last night’s post mentioned it’s showtime.
Beetlejuice loves to work his magic.
The most challenging trade of all for most traders is to see a higher high made and short it, or obviously the counter part of that thought.
The HH 123 serves several purposes for the Boyz: It cleans out the stops, going south without the weak hands, and it traps pullback longs all day long.
Seeing today as an individual “bar” makes it harder to recognize it as it really was in context: Time for a breather and logical profit taking at an extended psychological area.
We never know when the tide turns, but when it does, we want to be rowing in that direction.
The pullback should continue until support is found, and Option expiration week is ending, so overnight is the play or tomorrow morning, depending on your schedule.
Calls were cashed in today at the open if you were smart, and grabbing a few puts if you wanted to try that as well.
We blew through this zone yesterday in typical FOMC fashion, setting the plate for this healthy pullback that is testing yesterdays breakout.