We did manage some reasonable volume on the SPY, but overall total NYSE volume was very weak, so we'll have to see if some higher time-frame buyers step in next week.
I wanted to include an idealized trade here to get short when you're expecting an overall trend day down. Wait for price to return to an "overbought" area that coincides with a level of support/resistance; in this case the upper keltner channel AND R3, AND a round number like $90.50. In this case it might have even been better to wait for volume and TICK to confirm the move (volume represented by the dots above/below the candle).
All-in-all, nothing is really confirmed until we close under $89 (a good price for those higher time-frame players to come in at).
From now on I'm going to include a view of the SPY market profile. For today's market, observe how price found support at those "single prints" (the "A's" from 6/25).
Have a very fantastic 4th of July weekend!
I wanted to include an idealized trade here to get short when you're expecting an overall trend day down. Wait for price to return to an "overbought" area that coincides with a level of support/resistance; in this case the upper keltner channel AND R3, AND a round number like $90.50. In this case it might have even been better to wait for volume and TICK to confirm the move (volume represented by the dots above/below the candle).
All-in-all, nothing is really confirmed until we close under $89 (a good price for those higher time-frame players to come in at).
From now on I'm going to include a view of the SPY market profile. For today's market, observe how price found support at those "single prints" (the "A's" from 6/25).
Have a very fantastic 4th of July weekend!
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