… and that is not too good for them bulls.. Bounce to new highs as expected but…
Markets managed to close another week in green and at new highs. We also have 5 weeks green close in a row and that gives high probability for range trading next week…or a close in red. I’m not going to call a market top but bulls are running out of steam when looking through intraday / shorter time frame charts.
On a daily SPX chart, this is what I see price pattern wise. Add to that somewhat weakening momentum and well, taking profits and thinking about exit places is not a bad idea..
So trading suggestion for short term swingers or intraday traders for next week: expect small range trading or a week in red. I would use quite tight stops for longs and try shorting price peaks with smaller positions.
