A look at the
SPY for Monday 11.15
Price retraced 61.8% between the high of 11.11 and the low of Friday 11.12
So, we gaped up this morning (upward momentum). Drawing a Fib. retracement line off of the close on Friday and today's Open what do we see:
- Following the gap up momentum, price wicked the 50% retracement before returning to the Open.
NOTE: The above chart uses the closing time of 4:15 EST. Using a closing time of 4EST we get a nearly 100% retracement after the open and a 100% extension, the proportions of momentum and it's extension do not change).
- As price returned to the open the upward gap momentum carried us to a 50% extension.
The 15-min chart shows two strong bars early in the day (the green bar being a
2x-bar). Notice the midpoint of these bars and their respective Support/Resistance qualities.
Using the squiggly line tool, we only really got one signal out of it today, that being a sell divergence (which would have been a test to sit through).
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