Consolidate
Expand
A large gap up to the previous session's open (above R1 and PP), price consolidated for the first 30-min before expanding, leading price higher all day with a number of periods of tight consolidation.
Here on this SPY 5-min chart I have marked the "First Cross" entries. One long entry from the previous session (15-min. before the close). The short entry (marked by a red vertical line) wasn't taken because of the confluence of support for price (R2, vwap, AND a 50-ema).
The green vertical line was a long entry that resulted in a rally into the end of the day up to R3.
Here's a 15-min chart, again with the same "First Cross" entries marked in corresponding vertical lines.
Longer term (60-min) we see the gap filled from Feb.17th.
The S&P500 broke out of the down-trendline, next target would be the next, longer-term, trendline.
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