A sideways consolidation day after yesterday's "trend" day. The one thing to look for on a day like today are momentum divergences in the early-middle of the day.
Though the momentum divergence in the very early morning was the first opportunity to short (the gap-up open vs. the impulse move on Monday morning).
We closed on the previous day's support/intra-day value area. You can see it looking at the 5-min chart above, or by looking at the Market Profile.
Here's where we stand:
Tomorrow we'll see if we can test previous lows on strong momentum. Otherwise, we put in a higher low on weak momentum and work on a re-test of the highs.
Though the momentum divergence in the very early morning was the first opportunity to short (the gap-up open vs. the impulse move on Monday morning).
We closed on the previous day's support/intra-day value area. You can see it looking at the 5-min chart above, or by looking at the Market Profile.
Here's where we stand:
Tomorrow we'll see if we can test previous lows on strong momentum. Otherwise, we put in a higher low on weak momentum and work on a re-test of the highs.
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