Price immediately sold off this morning on weak TICK performance, and somewhat expected relief from yesterday's excelerated expansion late in the day:
right down to the 61.8% fib retracement between Monday's low and yesterday's highs (also correlating with yesterday's open high range; white dots on chart above). Price moved back up to pivot, formed a gravestone-like doji on the five minute and moved back to test the lows again:
On our 15-min chart the 20- & 50-EMA orientation worked itself out to be short-term bullish, so we'll see where we go tomorrow from here, looking to buy dips tomorrow, unless things tank right off the bat. The closing sell-off could have been a blessing in that price doesn't have to travel far to test any solid support:
Of notice today, and one of my favorite set-ups, is the prevalence of the "W" pattern (also called
double-bottom patterns). The idea is to buy a break of the W's middle apex. Here's what today looked like in SPY on a 5-min.
These patterns showed up all over the place in today's tape.
right down to the 61.8% fib retracement between Monday's low and yesterday's highs (also correlating with yesterday's open high range; white dots on chart above). Price moved back up to pivot, formed a gravestone-like doji on the five minute and moved back to test the lows again:
On our 15-min chart the 20- & 50-EMA orientation worked itself out to be short-term bullish, so we'll see where we go tomorrow from here, looking to buy dips tomorrow, unless things tank right off the bat. The closing sell-off could have been a blessing in that price doesn't have to travel far to test any solid support:
Of notice today, and one of my favorite set-ups, is the prevalence of the "W" pattern (also called double-bottom patterns). The idea is to buy a break of the W's middle apex. Here's what today looked like in SPY on a 5-min.
These patterns showed up all over the place in today's tape.
No comments:
Post a Comment