Ugly tape that just keeps grinding higher. Amazing that we just can't seem to get any sort of wash-out correction. Oh well, we get what we get, and with the dollar getting a drubbing equities prices benefit:
A noise filled day, but prices just trended up the 20-EMA (15-min chart).My Resistance envelope instead acted as Support (Red horizontal line) in today's SPY. Every higher low was bought:
Well, as much as it looks like there's A LOT of supply at $77 on RIMM, it doesn't go very far before demand is picked up. The red horizontal line is the daily pivot resistance. Watching RIMM for a break out. But will certainly react to a break down ;)
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.