Messy and confusing behavior should be expected during
OpEx week, but there are still trade-able moves.
The move down in SPY from the highs have consolidated most of the afternoon yesterday and the beginning of the morning today, giving us a somewhat rounding pattern:
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The 5-min chart displays things a bit clearer, where we have a sideways consolidation. Price spent most of the time below the mid-range of this channel yesterday, whereas this morning that range was tested, though very briefly.
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Things look kinda weak for now. It looked as though we would get a healthy close and get a 20- & 50-EMA crossover back to bullish orientation, but things weakened late in the day after testing the lows from Tuesday.
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The SPY was choppy, but if you look around for strength there's bound to be something that stands out. Take MOS for instance; if you missed the initial move AND the break to long-term resistance (see the Daily chart posted in my previous post), you could still have stalked the Base& Break setup for a run higher. Keep in mind, long-term resistance areas can get awfully choppy, being that it's a likely place for all sorts of stop-loss and buy orders, short entries, etc., being triggered.
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Well, the week is nearly done and the SPY so far has painted a inside bar/
harami candle pattern. Provided we don't rally 3% this is what we'll be left with.
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Speaking of a harami candle pattern, AAPL looks to have had a healthy pullback and finished today with an inside harami candle pattern, looking for confirmation through a close above the past two days, coinciding with a recovery of the 20-EMA.
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