Tue. 02_05

today's trade

A key for the above chart to define the horizontal lines and dots.  For further explanation, see this link:  

Started off the day with a 3d criteria setup.  Middle of the day was a 2c-2d criteria setup, and finished the day with a 2b criteria short setup.  Slightly higher high today, but a double-top until proven otherwise.

It looks as though it's just a matter of gauging the next pullback.  15-min is in 2c-2d criteria so the current pullback should be supported.  It's the pullback higher (the bounce we can expect from today's late day selling) that will be more telling.  So, I'd be looking to short some sort of XYZ corrective wave on the 15-min, otherwise buy in anticipation of the fast line going green again.

With the symmetrical cycle price pattern taking shape, the Daily chart (below, right) looks like it's putting in a 3-push pattern)

Lastly, today saw the highest ADV./DECL. Volume since this year's rally began.  Which happened to follow the largest NEGATIVE ADV/DECL reading since this rally began.  Seems to smell of distribution perhaps.

Mon. 8_10

Today's SPY:
The upper-most purple horizontal line indicates the overnight highs from Friday, as it was a failure point on Friday as well.

 A key to the chart above as to what the horizontal lines represent.  The Fib. projections are based off of the overnight range high/low:

     Something else I usually have on screen is the Advance/Decline difference for the S&P500 (top chart) and the Up/Down Volume difference (bottom chart) for the S&P500.  What I'm most interested in is the interaction with the zero line (horizontal teal) and how deeply positive or negative the index is for the day.  Volume started negative and trended that way all day.  While with the Advance/Decline, the zero-line highlighted a good support-turned-Resistance pivot: