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
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Wednesday, June 2, 2010

1 bounce 2 bounce

Updated chart at the bottom:

Most recently, the SPY has bounced twice from $105, and it's a very long-standing Support/Resistance level.The more we test $105 and the weaker the bounces get can result in things getting very messy sub-$105.The first bounce saw relative support at each Fib. level between the "flash crash" low and it's bounce pivot, particularly that of the 61.8%-78.6% retracement levels.The recent bounce and tomorrow we'll see what kind of support we get out of the 50% retracement level. We should be able to gauge buying interest soon in terms of whether we'll see a lower low.
Waiting to gauge a reaction off of $107
updated chart after today's session:
got sold off of the Upper Median Line only to come rallying back strong.

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