The behavior of this market these days is a lesson in taking profits quickly. Once you get sucked in things could just turn around instantly. It's like the market is just existing right now to sweep stops and collect the dough. Anyway, the SPY had a "swine-flu" gap down this morning. Once it looks like we're going straight up for a gap-fill, price comes back down, put in a slightly higher low before putting in a screaming wide-range bar. The double-top this morning was a fake-out of sorts too. Although momentum was putting in a bearish divergence, price closed at the high of the day and looked ready to run on a NYSE TICK breakout, and then right back down it came. The end of day was an utter mess; up, down, up, down. Pick a direction already!
I marked up this 5-min chart in SPY with entries corresponding with
my post from yesterday as guidelines for entry (bear in mind, the entry is based on the
close of the indicated candle).
The 15-min shows the gap-up from Friday not being given up, while a 20- & 50-EMA looks ready to crossover yet again.
I marked up this 5-min chart in SPY with entries corresponding with my post from yesterday as guidelines for entry (bear in mind, the entry is based on the close of the indicated candle).
The 15-min shows the gap-up from Friday not being given up, while a 20- & 50-EMA looks ready to crossover yet again. 
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