Post FOMC reaction led to a liquidation move to July’s opening 7780 where oversold and exhausted market offered a long opportunity for bulls. Once I noticed the reverse I even doubled my position to ride the wave up.
Today’s action has not changed the neutral bias of the market. The next few days would be telling. The initial reaction sparked by Algos is not indicative of the sentiment change.
What to expect next.
- The market is on the path to retest today’s low. Be on alert because a double bottom may offer another long. Also watch for a positive divergence.
- Due to volatility spike both short and long positions will be available.
07/31/2019
Today’s action has not changed the neutral bias of the market. The next few days would be telling. The initial reaction sparked by Algos is not indicative of the sentiment change.
What to expect next.
- The market is on the path to retest today’s low. Be on alert because a double bottom may offer another long. Also watch for a positive divergence.
- Due to volatility spike both short and long positions will be available.
07/31/2019
