The markets closed inside their previous day's range, creating a
bullish harami candlestick pattern. Not an entirely reliable candle pattern, so it requires confirmation for us to lean temporarily bullish. Perhaps whichever direction the market goes tomorrow, it will be accredited to Obama's speech this evening.
Looking at the 15-min chart of SPY that provided a short opportunity with a quick tag of the 50-EMA, which eventually brought price back down to test the lows.
Price put in a higher low before turning back to the opening range and
pivot point (yellow line).
The third attempt at our pivot line was rejected, but
vwap held and the
NYSE TICK was trending up, leading up to a decisive break of pivot; next target, R1, where we consolidated around, popped over and closed on.
Cleaner perspective on the 20-point range bar chart.
Looking at the 15-min chart of SPY that provided a short opportunity with a quick tag of the 50-EMA, which eventually brought price back down to test the lows.
Price put in a higher low before turning back to the opening range and pivot point (yellow line).
The third attempt at our pivot line was rejected, but vwap held and the NYSE TICK was trending up, leading up to a decisive break of pivot; next target, R1, where we consolidated around, popped over and closed on.
Cleaner perspective on the 20-point range bar chart.
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