Stock Market Today : May 14th - 18th - Page 17
Those levels are nothing special, just fib levels I have.
The next levels of support are 1326, and 1316.
The more I check into that 1321 the more I can't pull why I have it on my chart. It's a price level I've drawn out at some point, but unsure when or why I added that. So it's importance is questionable.
Like your buddy, I believe it was a flush from longer fractal money off of long term resistance. I too, am expecting it to not last much longer. That's why I'm looking for 1 of the 2 levels I pointed out being support or the swing low of this flush. Also, like I pointed out many times before, I've been expecting a 100 point flush off the recent highs, and then a push right back up to test those highs, maybe break slighlty higher and come back down again. I believe this wide range of chop has just started.
But like always, the goal in the end is to always trade what I see and not what I feel. The next largest level of support is just above 1300. They can take the price there into the largest support of buyers no problem.
Just my personal reasoning says otherwise...
Broke down through 1333, bounced at 1326, and bounced off 1321. This bounce off 1321 looks promising.
Officially just 2 points off that 100 point pullback. Guess that 1321 importance question has been answered.
Held some shorts from yesterday and I'm going to change my position here. I think we're gearing towards that flush even though I was feeling like we would bounce soon because we were starting to enter that oversold area. We need to flush, and get this over with already to start out a bottoming process. Going to look to the big beta names again today and short them