Our Models are Sitting out the Markets Today
Yesterday morning our Trading Plan said: “As our models were indicating all week last week, we could have seen the crescendo at the 61.8% retracement around 2940 last week, unless the index reclaims the 2900 handle this week. Can we manage to get a daily close above 2900 today or tomorrow?”.
The markets are onto testing a break above the 2900 level today despite the big unemployment numbers. Our models are not convinced of a directional move yet and are not buying unless we can break the 2940 level in a convincing manner. At the same time, they are not jumping on the short side either. Currently in indeterminate mode, our models are sitting out the markets today. No trades indicated for today.
Have a great weekend! Stay safe. Stay healthy.
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(i) This article contains personal opinions of the author and is NOT representative of any organization(s) he may be affiliated with. This article is solely intended for informational and educational purposes only. It is NOT any specific advice or recommendation or solicitation to purchase or sell or cause any transaction in any specific investment instruments at any specific price levels, but it is a generic analysis of the instruments mentioned.
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