A shooting star does not a trend reversal make. Looking for confirmation tomorrow of a close below today's close (or even better, Monday's close). Though it may look weak, we can still get a retest from here.Though the IWM was sold from it's highs today, it only closed a dime off of those highs on relatively light volume, while momentum could be setting up for continued upside.However, this wall of overhead resistance will be formidable.
Feb.23rd was the last that we've seen a -1000 TICK reading. So, perhaps we should look to that, coupled with some strong volume for clues of a correction worth taking seriously.
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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