Bullish set-up continues via Dull Trading
Resistance is futile. We are all assimilated now. 1520 target met overnight. 1540 in sight.
I was not well yesterday but looks like I have not missed much. Markets continued to head higher, make new highs and trade in low volume, narrow range grind up. Typical of a bull market. There have been enough noises on currency wars but not to a great outcome. Looks like world is chugging along. Tomorrow being Valentine Day, it seems difficult market will break anyone's heart. I have meanwhile start establishing my hypothetical stock portfolio. Please comment and discuss your views and suggest any additions there.
Today I would expect 1515-1512 as initial area of support. I will update the comments section as the day develops.
My initial bet would be for finding support at 1515-1512 to hold leading to a build up to 1522. I would expect high of day in the region of 1522-25 area given 8-10 point expected range. 1516 is area of minor support. Only a sustained break below 1508 can signal the possibility of shorts being in control of this market. Otherwise the grind is up.
If market starts breaching 1508 I would need to reject the bullish case temporarily and expect further move down. Remember we are still in major long set-up and therefore bearish trades, in the initial phase require caution and confirmation from intra-day set-ups.
