Evening folks. Interesting week we have ahead of us. We are smack right in the middle of our tradign range with declining 50dma coming right on top of us. It is looking like we might test that area as soon as tomorrow. We have been fading at that spot numerous times it wont be easy to break the 50dma. Im prepared to short if it looks like we fade there especially on a gap up. If we can break that area it will put the top of our trading range in our sites in the spx 1225 zone giving us 50 points more of upside. Be careful overloading too many longs everytime this market gets people giddy we get hit by a piece of bad news cascading us back down. Ive kicked myself in the nuts a few times from chasing this market it doesnt feel good.
