Bears 3980 vs Bulls 4120
The markets $DJIA(.DJI)$ , $NASDAQ(.IXIC)$ and $S&P 500(.SPX)$ started off on the back foot but ended almost level with the previous doji's closing. Very tricky market indeed. In fact, the bears and bulls are battling out a very poised battle. Neither wants to let go of their positions. Technically, I believe the levels 3980 and 4120 are key.
If the bulls manage to push the bears beyond their positions at 4120 which happens to be the bears' bastion of strength being a strong resistance level, that might see a number of stops being taken out and we might see a gap up which will take us to 4300 - 4400 into late December.
If the bears manage to push the bulls past 3980, then expect weakness until the 3800 levels into late December before the bulls stage a comeback.
So if markets push up higher into late December, I will take the opportunity to raise more cash in anticipation of a pull back into the new year. If the markets sell off into late December, I will buy into the retreat expecting a rally in the new year.
Names I am watching - $NVIDIA Corp(NVDA)$ , $Advanced Micro Devices(AMD)$
This week will give a good indication as to how I position myself.
Stay safe. π
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