Until the dollar can get it's footing, it looks like our lows will keep getting bought.
Total NYSE volume today was the 2nd lowest it's been all year.
These past two days in the SPY have left us with "P"-shaped profiles having single print buying tails, just enforcing how quickly the lows have been bought.
This morning the SPY gaped up, TICK was weak and getting weaker, price returned to the previous day's close (PDC) so a scalp short was in play.
The resistance pivot held pretty well throughout the day (red horizontal line), not sure what the 1p.m. fake-out was all about, but the momentum divergence paid off when price came back down under resistance. Later in the day the 3/10 oscillator recovered from it's bearish tone and momentum started working upwards.
The resistance pivot also worked extremely well with RIMM. After being rejected for the 3rd time, price stair-stepped back down to the lows of the day.
While resistance for the day coincided with my pivot level, it also happened to be the 50-EMA on the 15-min chart (confluence of technical signals!!).
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