Not much to say about today. There was a simple momentum buy divergence (which occurred at support on a hammer candle) just before noon, and a late-day trend line break, but once I started getting chopped up in the day's trading I stepped aside.The green horizontal line on this 5-min chart represents the "Buy envelope" support line for the day. We found support there twice before breaking down. Being that the day's breakdown didn't really sell off, I still feels like all little dips are being bought.
We ended the day in the top of the day's range, the daily SPY looks like a flag pattern, the range is tight, and the highs are less than 1% away.The "Buy/Sell Envelope" Support/Resistance concept I mentioned before I keep track of on a small group of issues, RIMM being one of them. So, today's trade in RIMM was a breakdown on volume at that support level. There wasn't much follow-through and the second test of the lows on higher momentum and heavy volume brought prices back up above support.
The daily on RIMM is basing around this long term level of Resistance. The 3/10 is also indicating a possible "First Cross" long entry should we get a tick up in momentum.
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