Another trend day down today. Market breadth was bearish the entire day, yet there were times I found myself fighting the trend.The first 30-minutes of the morning SPY based at my support pivot before failing. That big freakish candle at 10:01a.m. was ominous indeed.
Watch the first hour tomorrow morning to see if any buying is triggered. Check to see if the 30-min SPY chart puts in a momentum buy divergence.
Watch for a potential test of $104 tomorrow as that is within today's value area ($103.50-$104.00) and is also the last hour's high (day after a trend day down look at the last hour's high as good resistance).
No comments:
Post a Comment