We didn't give up any ground, nor did we gain any today in anticipation of the Obamanomics plan due out tomorrow. Price does seem to be positioned to react in either direction.
The Qs were very volatile today. A strong push in the morning brought price up to resistance before snapping back to vwap. There appeared to be a cup w. handle pattern take shape but momentum couldn't move it, so back down to vwap it is. Towards the end of the day we got a little inverse head and shoulders coinciding with what looks like a short covering spike and back to the previous rim of our earlier cup pattern.Higher highs and lows with pullbacks to near the 50-EMA brought some long opportunity if you were quick and decisive. Right now we're basing around the highs with lessening momentum on the spikes up.Where we stand for the year on the Nasdaq 100...pop or drop??While the S&P is poised below the 50-EMA...anything can happen...
OIH met up with some resistance in it's sideways channel...lower from here?
The U.S.Dollar index looks to be in trouble if it can't hold on from here...Gold (GLD) taking a trip to test support at the 50-EMAand to wrap things up...I'm now hooked on range bars....take a look at a comparison of today's price action in SPY, the first being a 5-minute candle chart, follwed by a $0.10 range bar chart (courtesy of MultiCharts)....once I was blind and now I see!
The setups I include on this blog are used in conjunction with the 3/10macd and the criteria I ascribe to it as a way to alert me to an existing condition of price. The key concept to take away from this blog is that I try to anticipate what will happen on the higher time frame by using a faster time frame to trigger the trade setup. I do not trade a "system" I use two indicators to clue me in to price conditions. Please read the Disclaimer located in the sidebar of this site. I can be contacted via email at email@example.com
I am always open to questions, comments, or suggestions on how to improve this blog.