Tues. 6_05

Just a look at the last two sessions in SPY and the pre-market (overnight) session.  (Blue dash vertical line represents the Open while the purple horizontal lines indicate the o/n highs and lows).
Monday:
   Fairly wide o/n range.  A false breakout to the upside and a return all the way back to the o/n-lows.  Price chopped around gaining support for another round-trip back to test the o/n-high.

Tuesday:
     The o/n-low was within a penny of yesterday's o/n-low.  The opening drive breakout tagged the 50% projection of the o/n-range before pulling back and holding the o/n-high as support.  Ultimately the 100% projection of the o/n-range was achieved late in the day.

Today's regular trading hours (RTH) had a bullish (relief rally) tone to them.  The early morning setup was a bull flag continuation of yesterday's late afternoon action.  The ensuing pullback into the 11CST period (holding the o/n-highs as previously illustrated in the chart above) can also be considered the 2c-2d long setup.  The previous day's bull flag achieved the 50% projection which lined up closely with the 50% projection of this afternoon's higher low wave (the structure formed between 11-12:30CST).

Momentum gap

Momentum (gap down), pullback, extend.  The picture-perfect "First Cross" sell signal today (First Cross sell being the slow line crossing zero and selling the first pullback in the fast line.  Interestingly enough, yesterday gave a near perfect mirror setup with a First Cross buy signal).