Quite a move today. The Nasdaq Composite Index gave up it's 200-MA, engulfing the price of the past 3 sessions.
The SPY gapped up above
R1 and consolidated in a tight and narrow channel for the first 15-minutes before falling apart. Profit taking seemed to be the theme between pivot and S1. Once pivot put up resistance a test of S1 again triggered more momentum to the downside.
The 15-min chart showed us a shooting star
nr7 on ever-so-slightly lower momentum than the previous open. Initial support occurred at the 50-EMA (which coincided with S1 on the 5-min chart), while the 20-EMA acted as resistance. A
"First Cross" short trigger came midday (Red vertical line). The 20- & 50-EMA's have crossed to a bearish orientation, however, price has not liked this positioning within this counter-trend. Also, the day's bottoming process displayed a bullish divergence.
Who knows what this profit-taking will turn into. Does the S&P shrug off this move and make it's own move the the 200-MA?
XLV showed relative strength against today's market.
The SPY gapped up above R1 and consolidated in a tight and narrow channel for the first 15-minutes before falling apart. Profit taking seemed to be the theme between pivot and S1. Once pivot put up resistance a test of S1 again triggered more momentum to the downside.
The 15-min chart showed us a shooting star nr7 on ever-so-slightly lower momentum than the previous open. Initial support occurred at the 50-EMA (which coincided with S1 on the 5-min chart), while the 20-EMA acted as resistance. A "First Cross" short trigger came midday (Red vertical line). The 20- & 50-EMA's have crossed to a bearish orientation, however, price has not liked this positioning within this counter-trend. Also, the day's bottoming process displayed a bullish divergence.
Who knows what this profit-taking will turn into. Does the S&P shrug off this move and make it's own move the the 200-MA?
XLV showed relative strength against today's market.
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