Set-ups and Game plan for 3/14/16 (open)
This was one of two premium posts last weekend for members.
Last week once again proves that patience is really key to profits. Thanks by the way for those that directly contacted me to share how well you did last week. I am very pleased. Next week is a VERY heavy week. There is the BOJ, FOMC and it’s OPEX. Furthermore, although this seems silly, college basketball tournaments begin Thursday and Friday and those tend to be slower days. Although with FOMC anything is possible so that is just an anecdotal comment.
As I mentioned in the other post and on Friday, the bulls maintain the edge. It may seem crazy after such a big move, but it is what it is. Next week I’m going to stick to not doing much Monday morning, but I may make an exception if I have a strong feeling of the third scenario below. In that case though I would still keep it very light and not get overly exposed. Below are levels of importance and possible trajectory for next week.
Scenario’s and levels:
- A pullback sometime in the first couple days of the week. This is the best scenario as it would provide a possible entry for a large move higher. Support levels are 2009, 1996, 1986, 1979 and 1962. As of now I think any pullback would like be contained by 1996.
- A sideways consolidation above 2000 in which the direction would likely break to the upside given all the information I have shared regarding breadth and the weekly MACD in my public post. But of course I would be open to it breaking to the downside given the FOMC news train.
- A continuation higher that offers very little pullback. Resistance levels include 2039, 2054, 2064 and 2074. I do think in this situation 2064 or 2074 would provide a great opportunity to short into for the following week.
Set-ups: I will be watching many of the momentums as mentioned in the open interest chart as well as these. There are quite a few, but even if all trigger I wouldn’t not take them all.
