If only for a brief point in the day we made fresh highs for the year, but still remain in this pathetic range.
The morning was a continuation move from the previous late-day move, bringing us right back to where we started from on Wednesday morning. The internals were pretty mixed with Adv./Decl. slightly skewed to the bulls. TICK was mixed, but held onto a bullish bias as well. The high of the day was confirmed with a high TICK of the day, there was no follow-through however. Energy being strong right out of the gate with the dollar continuing it's weak pulse. All put to an end late in the day by the beloved margin calls.Yup, right back in that $95.50 range
Price based around the recent highs for most of the morning before giving us an impulse move to fresh highs that just couldn't follow-through.With the Treasuries auction scheduled for this afternoon, TLT was on the radar. Notice the 3-push impulse move. $88.30 was the previous day's level of Support/Resistance.
FCX continues to be in play. It broke out of it's day's range in the middle of the day.Though the daily chart looks exhausted
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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