Opened near the overnight highs, sold off to the overnight lows where strong volume brought us back to the highs of the day. A pullback to the overnight range midpoint found buyers to break price out to the 50% extension of the overnight range. Initial support found at the confluence of IB_high, o/n_high, o/s_high and Opening print. Weak buying led to a further pullback which was capped off at the o/s_low.
A key for the above chart to define the horizontal lines and dots. For further explanation, see this link:
Advance/Decline and Up/Down Volume both showing zero-line support today.
Most of my entries today were taken prior to the "trigger" entry.
The SPY still looks to be setting up under resistance. Tomorrow should be interesting in terms of a more definitive direction.
over $145.50 is important for a bullish bias
The QQQ is looking similar as it sets up under $69.25. You can make a bearish case for the daily chart showing a bear flag/pennant, but that could be erased with a close above the $69.50 mark
Jobless Claims at 8:30 EST tomorrow and Fed minutes at 2pm.
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