Market Wrap-Up 10/28
The market continues to fake-out everyone. If the market is up, before the market closes, it will be down, and when the market is down, it will ultimately be up. It's frustrating for people on both sides of the trade. The trading range continues to tighten and eventually that will lead to a major breakout or breakdown in the market. Ultimately, I believe it leads to a breakout. The bears have given me little reason to believe they are going to change the direction of this market in the near term. They are going to have to put together a few days of straight selling and stop the give and take we seem to stuck in. The bulls over the past two months have managed to push this market higher and until that changes, I will focus my efforts to the long side.
Here's my chart analysis on the S&P.