System says to buy at 3572 and add at 3547 SAR at 3540...
but spidey sense says...wait for LOD reject to go long.
Big Bears who have been trapped for the last 6 days are in pain and desperately want an exit. They are the one who are adding to the buying pressure. Fresh long term bull would much rather wait for a base formation before initiating fresh longs. Some bulls have missed the bus and they will want to buy the dips.
These levels have been the support for a long time and now have become resistance. EOD charts have been waiting for a rally like this to complete a bearish lower High. no better place to form this lower high than the support turned resistance.
But we are not analyst. We are intraday traders who like to read all the BS like that and trade our system. Who cares where the market will be tomorrow.
