hmmm, I wonder where stops were placed today?
the chart below illustrates the triangle breakout in today's SPY, complete with an achieved measured move.
Internals remained bullish today, and started accelerating higher into this breakout move.
As of today's close;
the DIA is 2.85% away from it's January highs,
SPY 3.67% from it's highs
IWM 2.91% from it's highs
Q's 3.84% from it's highs.
HOWEVER, there is THIS to be considered going into tomorrow:
"The Federal Reserve Board on Thursday announced that in light of continued improvement in financial market conditions it had unanimously approved several modifications to the terms of its discount window lending programs."
Here's the after-hours knee-jerk reaction, so far:
Right back down to today's lows. We're left to wonder how much of this reaction will be absorbed going into tomorrow. Should get interesting.
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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