Backdrop
Outside day on Wednesday
Follow-through on Thursday
VIX failing at the 35 resistance
Temporary selling exhaustion after 13/15 down days
Where to next?
Overall trend still down on most time frames
Unclear yet how much this rebound will last
Could be a temporary pause at the weekly SMA 200 (2,350)
Could be a proper reversal after the recent price adjustment
What to watch out for
On the upside - Look for a rally back to 2,640 and then 2,760
On the downside - Look for a retest of 2,400 and then 2,350
Trading strategy
Trail the Christmas Rally but watch out for a fall back
Started going long on Wednesday with tight stop losses
Increased positions slightly on Thursday with same stops
Outside day on Wednesday
Follow-through on Thursday
VIX failing at the 35 resistance
Temporary selling exhaustion after 13/15 down days
Where to next?
Overall trend still down on most time frames
Unclear yet how much this rebound will last
Could be a temporary pause at the weekly SMA 200 (2,350)
Could be a proper reversal after the recent price adjustment
What to watch out for
On the upside - Look for a rally back to 2,640 and then 2,760
On the downside - Look for a retest of 2,400 and then 2,350
Trading strategy
Trail the Christmas Rally but watch out for a fall back
Started going long on Wednesday with tight stop losses
Increased positions slightly on Thursday with same stops
Trade fechado: objetivo atingido:
We are slightly below the 2640 resistance after a good run. Take profits and wait for either a pullback or a break of the resistance.
