No clear direction this week?.From a weekly perspective, a...

No clear direction this week?

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From a weekly perspective, a slight drop from 450 to 446. Usual volume.
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So what is happening? Last week I wrote that U macro is at critical level. I was also following CCJ trading pattern. It had played perfectly till then. A big rise from 40s to 50s. What happens next? Do we got 60s or we back test 45. I had written previously we back tested 45. But it doesn't need to happen. I follow price action, so best not to assume anything. CCJ has not given a strong direction. Meanwhile it has reached 49 couple of times this week, but has held. That is positive. That means its not ready to test 45, yet. But conversely, its not getting the momentum to get over 56.24. So we are at cross roads. I was talking about the same thing last week - will a back test of 45 come first or a high above 56.24? We still don't have an answer. I am still neutral.
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From a numbers perspective, SLX needs to hold this level, 440s, otherwise I feel it would reach towards 400. It did that this week. It played neutral. It played the macro. There was neither strength nor weakness. .
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Personally, couple of weeks back I had written I had exited most at 410. Haven't bought back this week. I had gains from 350 but we reached higher. I wrote, I made a mistake I could have held. But I played as I saw. Didn't get much of a gain though, but fortunately was still ahead. I was thinking unless CCJ makes a move, nothing much will happen. It has played according. So I wait. Not for SLX play. But for CCJ play. Market leader. Rest follow.
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So which is the direction?. I don't know. I will wait to see what happens tonight. U macros is very strong. Spot price is also on the rise, Can stocks play to that? Very possibly. There is not much to dislike, but we did make highs this year, January, March, May - we were in euphoria, and then stocks dropped over 60/70%, average 50% - no change in fundamental, just big guys playing us around, we don't like to admit, but I feel unfortunately we are just pawns in the hands of big players. We hope. They play. We hope they play what we want. 60% drop is not we wanted or hoped. It happened. That's the reality. Rest is wish and hope.
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So what may happen next week? All depends on CCJ. On weakness it needs to hold 45. But its got a lot of buffer for that. For many, its about early crossing 56.24. Will that happen? Lets hope so. Enjoy your weekend and all the best