Thurs. 06_04

Back into that previous consolidation range (which is fine b/c we tend to get nice moves coming out of them, whichever direction they go). Things feel tightly wound at this upper range and I wouldn't be surprised to see a blow-off top come the close of this week. As SPY was making new highs on the day neither the TICK or the Nasdaq were confirming the move.Basically a slow drift up all day. A gap up (out of the keltner channel), a retrace back to pivot point, which acted as support (and coincided with the 20-EMA) and a follow-through to R1 (coinciding with keltner channel upper range). This is a move to pay attention to; an impulse out of the keltner channel, a pullback to the midline area, followed by another impulse up). Price based around R1 most of the day before getting a pop back into that previous consolidation range.
All-in-all we're just biding time while we digest the move from last Friday into Monday.
A retrace in FCX was on the radar for today. The First Cross entry was in the perfect spot, right on the opening range high, while the target was back up to the previous support range.