Just looking at the DJIA, especially last night's bar.
Funky is looking for a potential pull back,perhaps next week.
David Weis, doesn't like the look of Thursdays Action, and expects a pull back, perhaps to around 1302'ish on the S&P.
But we have options expiry included in the volume on Friday.
Fridays bar on the Dow was a narrow spread Up Bar, closing off the highs.
To me that bar would be a potentially weak bar even if it was on average volume, and if it was on low volume, would show potential No Demand, still a potential SOW.
I just don't like the look of the quite narrow spread, close off the high's.
If I was a professional trader and I wanted to hide my supply from the market, options expiry day would be a good time to do business.
...and David Weis detected supply was potentially present on Thursday as well.
I'm long a couple of stocks at the minute (only smallish positions though), put I now expect a pull back shortly as well, maybe next week.
cheers
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