today's trade:
Some stop-outs in the morning/afternoon until the last hour (of course). Buying in anticipation of the 2c-2d criteria setup playing out. (I had to tweak the chart in order for the 5-minute 3/10macd to show well, which is why the early morning is out of frame):
On a higher time frame (swing) perspective today was a stop-out day. The weekly/daily split was looking short based on the weekly 2b criteria (bear flag breakdown). The trigger was short at $142.35 on 12/24. Monday's engulfing candle was a big warning (bullish engulfing off of the 200-dayMA). It would have been wise to remove half the position on Monday while the SPY swing stop expectancy is around $1+/-, so today's Open was a complete stop-out.
The other warning sign was the time frame lower when the 65m showed (and followed-through with) the 3d criteria:
So, our weekly chart looks ready to test all-time highs (notice the 3/10macd showing a symmetrical triangle, things could get climactic).
Meanwhile, the IWM closed 13-cents off of all-time highs today
and the XLF still looking to test previous 2011 highs (note that the XLF has yet to test the Lehman Gap)
No comments:
Post a Comment