Monday chop

A choppy day for the SPY. With such a sizable gap down it was curious that we didn't get any strong "buy the dip" hands coming in at the lows , but today's volume was pathetic.
SPY basically chopped around my Support pivot all day long. When we finally did close the gap a TICK divergence hinted at possible selling.SPY always gets choppy when these moving averages cross over.
Still going to watch the setups I listed over the weekend. LZ $72 may be a mover.

Wed. Chop

We continue to digest previous gains by moving in this tight range (can bode well for the bulls). Not much to say about today. There was a simple momentum buy divergence (which occurred at support on a hammer candle) just before noon, and a late-day trend line break, but once I started getting chopped up in the day's trading I stepped aside.
The green horizontal line on this 5-min chart represents the "Buy envelope" support line for the day. We found support there twice before breaking down. Being that the day's breakdown didn't really sell off, I still feels like all little dips are being bought. We ended the day in the top of the day's range, the daily SPY looks like a flag pattern, the range is tight, and the highs are less than 1% away.
The "Buy/Sell Envelope" Support/Resistance concept I mentioned before I keep track of on a small group of issues, RIMM being one of them. So, today's trade in RIMM was a breakdown on volume at that support level. There wasn't much follow-through and the second test of the lows on higher momentum and heavy volume brought prices back up above support.The daily on RIMM is basing around this long term level of Resistance. The 3/10 is also indicating a possible "First Cross" long entry should we get a tick up in momentum.

shenanigans

A typical lull-you-to-sleep market all day long, than BANG! If you caught the end-of-day move today, then good for you. It's soooo frustrating to suspect it might happen only to not be on board once it does...grrrr. Price came within a nickel of the highs, a 1.7% move within 10-minutes, WTF! Of course I wouldn't complain had I been in the move :)
I digress.popped right out of a consolidation range and sky-rocketed to the highs!Anyway...something to keep in mind when the market is chopping around all day. Look for stocks that are trending (scan for ADX > 30, with nice, orderly candles) and find a consolidation range to jump on board. Here were two nice ones, notice the "3 pushes" up; push, consolidate, push, consolidate, push:Well that last minute push in SPY put us right up against the 200-day Moving Average
and right at the top of our range...here's the weekly, looks solid doesn't it?