Bull on full power.
Resistance is futile. We are all assimilated now.
I was away last week in HK, as evident from the silence on trading front and more on Jogging and Fun related posts. When I was leaving HK, China was getting ready to start Chinese New Year preparations. So first and foremost - Gong Xi Fa Chai. May the Snake bring all the good fortune and joy in the coming year to you and your family.
恭禧發財
As so happened, the mighty Chinese juggernaut kept chugging along and overtaken US for the first time as biggest trading nation. I think the time will be near when I will actually be trading on Shanghai Mercantile Exchange instead of CME but until then, let us see what our markets have been up to.The bullish story continued unabated through out last week with just one minor wobble from a European sneeze and it would seem ES is expected to reach its 1520 target now and possibly extend it. The next upside target is 1540 area and then all time high.
Today I would expect 1512-1508 as initial area of support. I will update the comments section as the day develops.
My initial bet would be for finding support at 1512-1508 to hold leading to a build up to 1522. I would expect high of day in the region of 1520-22 area given 8-10 point expected range. 1514 is area of minor support.
If market starts breaching 1506 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.
