Today's 5-min SPY chart saw a lot of double-top/-bottom setups. In other words, the W-long and the M-short; buying the break of the "W" apex, and shorting a break of the "M" apex. Here's a messy chart with the W's and the one M outlined, followed by another chart that just includes the trade-initiating line.
For the first hour and a half on weak
TICK, price on SPY flagged and fell down to
S1. The rebound got price back up to
vwap, where we tested the lows again. A higher low, double-bottom gave way to a rally that stopped dead around the days
pivot point. This double top really fell apart and price just evaporated into the close.
The 15-min chart showed us some points of resistance (short setups) with our 20- and 50-EMA's.
For the first hour and a half on weak TICK, price on SPY flagged and fell down to S1. The rebound got price back up to vwap, where we tested the lows again. A higher low, double-bottom gave way to a rally that stopped dead around the days pivot point. This double top really fell apart and price just evaporated into the close.
The 15-min chart showed us some points of resistance (short setups) with our 20- and 50-EMA's.
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