Today's SPY with modified TICK. The only substantial negative TICK was registered on a higher price low. The Fib. projections are based off of the PDC measured to the days Open:
The trend is your friend. The last two moves off the March lows (how many "March lows" have been bought since '08?) have retraced 50% before extending higher. There's a confluence of Fibonacci projections/extensions at the $139.31 level and beyond that at $140.70-ish.
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
I am always open to questions, comments, or suggestions on how to improve this blog.