The market spent most of the day in 1407-1414 range I talked about couple of days ago and there is a pretty good change that the market will end up forming a right shoulder for the H&S pattern. The key would be a bearish Monday or Tuesday while respecting the 1414 level and once the pattern is confirmed, the downside target will be 1359. The trend average is still at 1405 but slightly trending down, so Monday/Tues should be fun as we should get a 15-30 move either way. I bought some SDS today but closed them at break even, so not going to bother with logging it. I am already invested for a move to the downside so that's already enough for me.
And on a more serious note, I am playing the Mega Millions today. If you have numbers to give me, I promise to give you $1 million if I win :) I would need 5 numbers from 1 to 56 and 1 number from 1 to 46. I need the numbers by 6pm Pacific or 3pm ET.
Have a great weekend!
Would you still wait til tomorrow to see if the head and shoulders continues to form...or is the market heading way further up from here as we've got to about 1420?
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