Hello from CFT (our new video is out!),
Last week we talked about being long partial positions looking for a rally to $32,000-$33,000. We are at $31,800 now after a strong rally today. As indicators are nearing overbought, we will be a seller up there at $33,000, so we will look for a pullback.
If it gives away, the green dotted line could be the first sign that a short-term top is in place.
We are still bullish, looking for a large low to be made. Last week we had a nice rally; indicators are overbought, so we are looking for a pullback. This 319 – 318 was previous support; we are rallying back to that on low volume, which is not extremely bullish, and that’s why we are going to look for a pullback after a little bit higher early in the week. We will see how the pullback looks to see if we want to be bullish.
We have talked about wanting to be short. Last week here, we thought we could get a bounce; we had an oversold on our indicators. We did not get a bounce; we’ve had a little bit further deterioration. We want to be short this market; we think it is still going to head lower.
We have talked about it rallying some. We are overbought; we mentioned that last week, and we’re still there. So we don’t see much upside and are mostly on the sidelines here.