For Tuesday the pivot on the ES is at 895.75 and price is trading about 900 right now. I think the pivot should be watched but I think even a pullback to the 890 area should be bought. My bias is higher and you would probably have to push this market below 875 to get me to re-evaluate that opinion. There still seems to be some shorts out there talking like this rally is a joke. Doesn't seem like a joke to me. Good though because those bears I see talking will be fueling us higher until they buy in. Remember the crowd is right during the trends but wrong at both ends.
Monday, May 4, 2009
Monday was a nice bullish day that started off with the bulls charging and ended with the bulls charging. The shorts are loving this lol. SPX broke through 900 late in the day and had a very strong last 20 minutes where it ended up at 907. The resistance of 875 has been broken decisively and now should stand as support if we get a pullback at some point (which is looking like its way overdue, but the market doesn't seem to care). Above here and we see the 930 area as a potential next stop with a possible target of 940. I think we are about in the 7th inning of this rally so don't be piling in up here above 900 but understand we have seen the lows and dips from here on out should probably be bought.