Today the S&P 500 closed at the lower edge of the pennant. The bulls will need to try harder to get back to the range or the game is over. Recent statistics show the bulls have been getting support in the same scenario. Thus, bargain hunters and fund managers would take advantage of today close and start buying. It’s a now or never situation. Below are my guidelines for tomorrow. I changed my drawing style to clearly show my action plan for each potential scenario.
I bought some long at today close and am bull bias for tomorrow.