The weekly S&P500 left us with a bullish engulfing candle (if we don't consider the shadow of the previous candle, which isn't a necessary requirement). While the Daily chart ended the week with a hanging man type candle, though it would have been a stronger signal/suggestion had it been a red candle.
Meanwhile the daily SPY chart leaves us with a bearish long-legged doji, giving us a feeling of bearish leaning indecision.The trend continued to drift up today; we had a slip below the 20-EMA on the 15-min SPY, and I was looking for a tag of the 50-EMA, but didn't get the seller participation (such a beautiful trend along the regression channel).Looks really strong to close the week above $75.50
The highs of the morning couldn't find much demand. We chopped down through previous support levels before coming to a "W"-bottom that coincided with a rounded bottom pattern on my momentum indicator.
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.