When I made the transition from being wrong on the top end of my Range Rover (954) to calling it for what it was – a confirmed breakout - I started giving you higher-lows of support and higher-highs of resistance. At 3PM EST today, I’m going to take up those levels once again.
My immediate term TRADE line of resistance (dotted red) is now 998, and my immediate term TRADE line of support is 971.
Don’t chase them higher here. Make some sales.
Provided that we continue to hold this pattern of broken volatility (VIX) and bullish price/volume, buy them when they are red and sell them when they are green. The big crash and squeeze moves are rear-view events. Now your daily risk management objective is to play the game that you see in front of you.
Keith R. McCullough
Chief Executive Officer