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Here's my forecast for today's price range:
After a HUGE (it wasn't, really) selloff in equities, we're at some previous resistance as well as the 61.8% retracement. I'm expecting that to hold as a level of support going into friday, as traders look to close out positions for the week. Premarket futures currently have price at 1048 so that's the upper end of the range. I would not be a buyer at those levels.
It is best to trade without an opinion so if the tape suddenly breaks 1040 or 1070, I'll be impressed and adjust my strategy as such. But odds are against it, for now.
Setups to come, after my coffee.
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Ok, after my coffee and chart perusal, it seems that today is going to be a day of opportunism. In terms of momentum plays, I'm seeing little in breakout swing setups, so any new trades in terms of option buys would be intraday in nature only.
So, instead, I will present the first part of my Dip List:
CHK
GOLD
X
