Another low volume choppy day today.
The SPY continues to hover at the highs (almost looks like a tri-star pattern on the daily). Take note of the 3 most recent momentum pushes up creating a bearish divergence, while the most recent two momentum pushes down gave us a bullish hidden divergence, yada yada yada.
We'll see what we get tomorrow in terms of a momentum push, but right now the 30-min is looking a little like a Head & Shoulders pattern.
And finally today, the 1-min SPY with TICK (molestor). A couple divergences that could have been good for scalps or even intra-day swings. Nice job Richard!
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 firstname.lastname@example.org
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