It’s The Running Of The Bulls
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The market had quite the week last week, looking awfully bullish in the face of what was almost an economic collapse, on top of a looming recession. This has been sign enough for investors and traders to jump on the bull train into this week as well.
A close over 4100 for the market signals we should be headed higher. As you recall, we often refer to these levels as rungs on a ladder, allowing the market to climb higher, while hitting resistance and pulling back a little bit along the way. After the solid run up we have had over the past week, it isn’t too much to expect some kind of pullback along the way.
Often when a market runs like this, there is some profit taking that happens or a resistance levels needs to be tested a few times before being broken, so be on the look out for that happening. Any pullback would give those who are planning to go long a much better entry, with a risk vs. reward that is worth taking that trade.
Since many of the previous resistance lines, they can now be looked at as support in the future, should prices fall back down to that level.
Don’t miss my video below for more break down of the market and the week ahead!
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I look forward to trading with you, but until then, as always…
