Choppy tape today. The Dow closed up over 112 points while it felt like a lot of things were getting sold at resistance. I got chopped up in AAPL today and because of that I wasn't watching GOLD take off as I thought it might. Just one of those days.
Overall breadth was positive all day long as we churned our way back to SPY $104 (where we closed). The stability of trend line (slow line) on the 3/10 macd remained positive all day long (5- & 15-min charts). The SPY daily chart left us with a morning star candle pattern. Overhead resistance at the 20-EMA.
Things are still in limbo for the time being. I'd suspect a healthy move would be a test of $103.50 for support, otherwise we might take on $106 before you know it.
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at toddstrade@gmail.com
I am always open to questions, comments, or suggestions on how to improve this blog.
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