Not much was resolved this week, as we grind along in this channel of ours.
The S&P (and in turn, the SPY) registered the highest close of this range, but the volume was practically non-existent.
Here are the weekly charts:
And the S&P500Today's activity in SPY was purely sideways, until late in the day where we got two errant TICKs in both directions, with zero follow-through.This 15-min chart illustrates how unwilling price is to have any bearish tones. When our 20- & 50-EMA's crossover to a bearish orientation, they quickly recover (within the same day even!).And, yet again, we are left within this range of ours.
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.