Two trends in one day! The SPY gapped just above pivot before selling off to S1, consolidated, slid further to S2 and continued lower while the momentum divergence built. As the "bottom" developed the NYSE TICK didn't give up ground.Nice moves off of the 20-EMA in both directions. Price closed right around the previous day's lows on the SPY. XLF led the way:MOS had a strong day today, regardless of the direction of the broad market. After the strong move it based around the $47.30 area before expanding higher. The end of day we settled right around that same base range. Looking for it to hold this area as support to see if it can go higher still.
While CF looks itching to fill that gap from October of last year. Notice how volume has picked up as price is closing in on this range.I'll also be looking to short any pullbacks in FAF tomorrow (see the post on it below).
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
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