Stock, Option and Futures Trading
Today we took out Fridays high but we did not close above it. This means not much has changed from the last update. The level to watch on the downside is the low of today on the ES at 1248 and if we close below that the market could start its pullback to 1200. Tomorrow during the session if we get below 1248 we would be careful on the long side. The trend is still up but trading below 1248 could be the 1st sign that the market is losing strength to the upside.
We still have not had our Turn Pattern so the condition is too soon to go short but maybe to late to go long on a swing trading basis.
TZA calls would be a good way to play the market if it starts to pullback. At this point it is best to wait and see how tomorrow trades before getting too convinced of anything.