2025.03.21 - Friday flat flop or floatin'?

What is there to say? I’m ready for the weekend.

Yesterday, we were rejected again at the top of the range, this time at the 3 sigma high of previous week, to make a lower low on the 4 hour chart:

They sold off some more during the night to VAL, and, as of now, that’s where we are, with no “typical” 7:00a.m. pump.

There wasn’t much of a 3:30pm. spike yesterday either, so it was pretty dull. What we do know is that often times, they love to move it when it’s dull. So keep watch. 🙂 

As long as she’s hovering around and above PDVAL, and especially given we’re above previous week’s value area high, we’re still bullish for the week and could try to yet again retest higher, even after what appears to be two subsequent. rejections this week. I’ll be waiting and watching.

Another Friday observation — Fridays, often we have big moves the first hour, then just sit around for the rest of the day (think like Tuesday, but I’ve seen it often on Fridays). We could get that. Sometimes they just continue to float. into the close and into the weekend (especially on low volume)

But my thoughts: as long as we’re sitting at yesterday’s VAL, we could easily drop it back down to test previous week’s VAH, and even the low of our current (almost two week) range and below. In my ideal world, we’d get the long again in that congested zone, and have a rout back upwards.

Overall, we’re quite a bit below the 50 period MA on the weekly chart, which is absolutely bearish, and, barring some really hard rallying today, today isn’t the day we’re going to make it there…but be aware if you sense it, it could be the very thing that’s happening on this quiet end of week…

Here’s to learning, confidence, patience, self control, and profits (or break even, heck ;-)