Uptrend in tact but BEWARE of correction.
Daily Nasdaq Emini 100 CandleStick Chart
Hi,
If you had played more longs than short from August till now, I bet your account should be ending up in huge profits. The uptrend is very obvious as shown in the chart above. With the market indices at an all time high, the market is in a state of euphoria as well as a state of anticipation... Everbody wishes to see the market rally even more, but catiously anticipate any pullbacks or sharp correction...
Technically speaking, the uptrend is still in tact, this week price ended at the upper band of the Bollinger Band and the upper resistance line.... I am cautious about an impending pullback.. Remember, a pullback is perfectly normal... price doesnt move in a straight line and a pullback is healthy.. Subsequent developments after the pullback will tell us whether the uptrend is ending soon or we can expect new highs.... Please stay on the sidelines for the next week if you are unsure... There is no need to force yourself to trade.
Good Trading,
Michael Taylor
www.DayTradeEmini.com