Here We Are Again

It's been one giant bull trap from $SPY $231.00 to $SPY $282.   A $50+ reversal off the Christmas lows.

While those uber bears wait for that trap door to spring, the bulls continue to buy the dip.  The dip buyers were no few and far between in late 2018.

In 2019, the dips are getting bought,  new record and 52 week highs are getting hit on a daily basis, and the VIX continues to melt lower.

Which brings me to this.  The S&P500 tried again yesterday to break resistance.  The attempt failed.  However, don't think we are going to roll over just yet.  Today futures are trying to spring higher.  And like I've said previously these attempts in 2019 are not the same as the failed attempts in 2018.

I think it is only a matter of time before we break higher.  Perhaps as soon as today.

Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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