Friday Notes - SPX USOIL GOLD DXY WHEAT BTC TLRY
Everything in the video I also talk a bit about market psychology and why it's problematic to think the "news" is the cause of price movement.
Komen:
On SPX cash we really haven't broken the channel trendline and it bothers me that this is the case. It is very possible this is just a B of an ABC and so I want to urge caution. It looks more bearish on futures, but when I see discrepancies like this I get cautious.
Komen:
SPY looking similar - a close today above 368 on spy and I would urge caution for shorts into next week.
Komen:
IF they recapture 3730 today on futures the daily candle will look like a false breakdown and we go higher likely next week. I will update if that happens.
Komen:
Futures look like a bearflag,
Komen:
SPY looks like it lost trend. lower into EOD would be good for bears. A recapture by EOD would be good for bulls.
Komen:
Komen:
SPY at a support level and the .618 fib - typical buy zone for many. I'm taking some profit here in case something weird happens and they reverse it.
Komen:
bear flag continuation to 3580 likely. Will reevaluate once that level is reached. Going out for the day - good luck!
Komen:
head and shoulders target reached
