Tues. 06_09

STILL stuck in this range of ours. Gave one good attempt at testing the highs today, then things got really volatile and backed away. Upside momentum seems to be dying down, but price just isn't giving up $94 on the SPY (not yet anyway). I don't really have much to blog about today. We bounced around our pivot point and didn't even make it to R1. We're going to need some strong momentum to crack these highs, until then we remain range-bound.
Notice, on the chart above, the impulse move toward the middle of the day where price broke out of the keltner channel, retraced back to the 20-EMA, and continued higher. This was a low-risk entry with your stop below that wicky red candle (just below 20-EMA) and a target of the highs of the day, or the upper keltner channel.
There's a possible H&S pattern at the moment. Though a measured move out of it just puts us into another previous consolidation range.With the crumbling dollar today, FCX was a big winner. It had setups all over the place.