I had an appointment out of the office today, so left a quick message for the team:
Keep it simple.
The nearby support and resistance needs to be resolved before worrying about the next levels.
The team did beautifully, helping each other see the logical twists and turns, using tape reading skills.
Short post tonight, as anyone can look like a guru making calls after the fact.
Weekly chart for larger perspective.
Option expiration tomorrow.
Conservative shorts will be patient, while aggressive smart money is calculating the risk reward and already scaling in. They usually enter the first probes earlier and have deeper pockets than the rest of us.
The market is still bouncing and continues to offer opportunity in both directions.
We don’t try to guess the top. We just follow the bouncing ball.