Just a few chart examples of setups and/or things I look for.
Coming into the open this morning the SPY was setting up the 3d criteria. As mentioned before, it pays to check a chart with pre-market data for anything which may pop out. The black dash line represents the Open while the up-arrows are potential long entries (one of which wasn't so good, but the rest more than made up for it).
After the open price briefly tested the previous day's lows and look how the Advance/Decline line bounced off of zero and we trended higher for the rest of the day. Also worth taking note of, the low TICK of the day occurring at 3:15 was the perfect entry for a move into the close (it usually is on trending days).
Take a look at the longer term trend in the ES. The overnight and previous day's momentum was the lowest since December 28th and yet we put in a higher low compared with February 10th (Slingshot setup)
I have posted this chart before and I'm doing so again because I find it to be uncanny how the past is repeating itself in this market
Here is the SPY in 2010
and now
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