Not much to blog about today; a low volume day in SPY today. The 5-min chart gave us two
"First Cross" entries; one short in the morning (red vertical line) and one long later in the afternoon (green vertical line, that would have tested your patience unless you put the order and stop in and walked away, which is what I should have done). There was also a
"Slingshot" setup where price made a higher low, momentum made a lower low in momentum and price accelerated after that. In the chart below this setup occurs after the swing low that follows the green vertical line.
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On a longer time frame (15-min), the most recent 20- & 50-EMA crossovers have been quickly reversed.
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Looking at the daily chart; where's the momentum? Volume has dropped off, the 3/10 oscillator is drooping,
ADX is showing low volatility (a precursor to expansion).
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