This chart (60-min DIA) about sums things up for Friday:
Up, Down, Up, Down, Up;
For starters I'm including the SPY with TICK in two parts from today, showing some nice examples of divergence, Support/Resistance, and signs of price strength on weak TICKs.
Well, we haven't much progressed beyond$108 on the SPY, but we ended the day as a bullish reversal harami candle. If the IWM was any sign for things to come, than a test of $110 could be in the cards. IWM is in the lead to recover lost ground and $61.50-$62 will be a telling test, as it's looking extended off of it's recent lows. If price breaks higher from here and fails at $61.50, we could get some sideways consolidation which could form the handle off of a cup pattern. If THAT'S the case, a measured move would put price back at the highs!...I know, it's impossible, right?While the SPY has a little Ascending Triangle thing going for it, a measured move putting it back to over $111, but $110 might prove formidable.
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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