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I see 4500 now that it broke out. Those gaps will be filled but...

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JabraD

15,516 Posts.

1279

05/11/23

14:33

Post #: 70734334
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Originally posted by Baron1: ↑

Will be closing the very few longs I have left Monday waiting for the pullback now. If you look at the S&P the number of gaps below make it look like swiss cheese no way they aren't being filled IMO before we see a serious resumption in the rally. Possible 200 point drop in S&P on the way down to gap fill (higher low imo) followed by higher highs again.

Hasn't changed my view that we have begun a major rally into Xmas just no one can look at the S&P chart and say its not very overbought. Can still go a little higher naturally, but in 4 days we have gone from very over sold to even more over bought IMO, so time to close the last of my longs based on my risk reward. Might even be time for a couple quick shorts soon hehehe.

Anyway my bias is up for a target of 4800 - 4900 on the S&P. Note rates will most likely rise in Oz this week which would coincide very nicely with a decent pullback in US if it happens quickly. Good luck all.

P.S. Once this run is over though I am still a bear I think we see the crash most have prayed wouldn't come hehehe. But that is 2024 so for now make money while the sun shines with appropriate caution.

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I see 4500 now that it broke out. Those gaps will be filled but I don’t think straight away

XJO Value at posting: 6,978.2
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