Here again on this chart I marked two instances where the "First Cross" occurred today. The first long entry (green vertical line) I didn't take as I'm not comfortable entering on the close of such a strong wide range candle that brought price up to the highs of the day. The second entry short (red vertical line) was a lot easier to consider, though it did take a while for the move to get going.
Watching my 15-min chart we had an interesting performance. Price fell right down to the bottom regression-channel line, bounced, consolidated for a candle, dropped through and then snapped back; pretty impressive moves.I also noticed something that I mentioned in yesterday's post regarding LBR's "Slingshot" strategy. The swing low on March 20th and today's swing low formed both (a) higher price low and (b) lower momentum low which did end up leading to a "slingshot" rally.
Our longer-term perspective showed us a tag of the 50-EMA leading to a rally; intriguing.
Attempting to see turning points in the market I try to gauge NYSE TICK, combined with SPY volume and price. On this chart below, we notice a progressive downward slope in the TICK with below average volume. As price began to sell off, volume increased and the TICK continued to reach lower lows. The successive lows in price occurred on lower volume, while TICK began to put in higher lows.
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