While most of the day was spent in a narrow range channel, there were clear examples of support becoming resistance and resistance becoming support.In keeping a watch for the "First Cross" strategy, there was a long entry that was given at the first opening candle (so perhaps you could have just waited for a pullback from that level, which would have gotten you in at the early morning double-bottom). While the short entry towards the end of the day (red vertical line) didn't work out. However, notice that there was a "Slingshot" setup where price makes a higher low (in this case it was very marginally higher, almost a precisely equal low) and our momentum oscillator makes a lower low (lower momentum unable to drag price lower), which results in a "slingshot in price.
The 15-min chart rode the mid-line as resistance all day long.
The S&P500 is at an interesting area, where it looks like it just wants to tag 850 just for the heck of it.
Do we get resistance from the trendline, or do we break it and get support?
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