On Friday we were watching a squeeze, But today we had a surprise. That squeeze didn't last long. It broke out Sunday night. Which gave us a perfect pullback for the open today (Monday).
Unfortunately when a squeeze pops early it runs out of power fairly quickley. So we had only one good pop in the morning and a decent sell off in the afternoon.
Looking at the Daily chart above, we broke through the October highs around 1103 and closed there. We'll watch for that previous resistance to become our support. And hopefully we'll power through 1128.
I'd rather have a nice sell-off right now because it would give us some big profit days going into the holidays. But we'll take what the market gives us.
WARNING: You can lose alot of money trading. Check with your government agent and/or federally licensed financial adviser before trading.
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