The low-volume drift continues
In the early morning, price on the SPY double-bottomed at the previous day's low on a momentum divergence (a regular divergence intraday and a reverse divergence compared to the PDL).
Initial resistance was met at the 50% fibonacci retracement as measured from the PDC to today's Open
Nothing too significant regarding the NYSE TICK. A small divergence at the lows and you can make the argument for a reverse divergence later in the day.
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
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