eoq wednesday

Keep an eye out for EOQ shenanigans. We have had our nice big rally to make bonuses look good so maybe the buy buttons get taken away tomorrow?

A few charts showing mid term XJO. First just shows the obvious support/resistance/trend lines. The two horizontal lines show resistance points from the falls last year.

Second shows a flag pattern that has completed. It's a bit scruffy as flag patterns go but it suggests we are due for a consolidation period.

Third chart has a fairly tweaked supertrend showing which way we should all be betting. That said, the area shown by the arrow was where I suspect the mid term shorters got in based on momentum signals and are now either burned or having trouble sleeping at night. The rally up from that point looks like a short burn to me and a pretty good one. There must also be a bunch of bulls trying to lock in profit around here too.

So imho, it's time to go sideways, maybe even down. If we go sideways then the range shown on chart two is as good a guess at the range as any other.

It's a time to play the short term stuff until the market shows us the way again.