A volatile beginning and end for the day. After gapping down below the previous day's low, the SPY ended the day as a narrow range bar on lower volume that barely filled the gap left from last Thursday.
The 15-min range tried mighty hard to stay above our intact regression channel that's been in place for this whole counter-trend move. We got 4 tags of the 20-EMA throughout the day, while towards the end of the day price rallied to tag the 50-EMA twice before failing. Very choppy and confusing for me.
The shorter time frame; In the early morning we had a Double "W" bottom pattern (strategy is to buy the breach of the W's apex). Price stopped at a confluence of
S2 and the 50-EMA (on this 5-min chart).
The range between 11am and 1pm was sloppy. Price held support twice in an area that corresponded with the "W" apex. The third test broke and led back down below
S2. We got another "W"-bottom that failed to breach the apex, though price held the lows of the day. I'm left trying to figure out how I would explain the end of the day volatility.
The 15-min range tried mighty hard to stay above our intact regression channel that's been in place for this whole counter-trend move. We got 4 tags of the 20-EMA throughout the day, while towards the end of the day price rallied to tag the 50-EMA twice before failing. Very choppy and confusing for me.
The shorter time frame; In the early morning we had a Double "W" bottom pattern (strategy is to buy the breach of the W's apex). Price stopped at a confluence of S2 and the 50-EMA (on this 5-min chart). 
The range between 11am and 1pm was sloppy. Price held support twice in an area that corresponded with the "W" apex. The third test broke and led back down below S2. We got another "W"-bottom that failed to breach the apex, though price held the lows of the day. I'm left trying to figure out how I would explain the end of the day volatility.
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