Updating this post HERE.
The SPY has put in a 3rd push lower into the 50SMA on the 130min chart. So, what I'd like to see on the 30-min chart is either a break above $146 or the 3d criteria for a move to the $146 area.
The daily 3/10macd fast line is still pulling back, and in order to anticipate it moving back up we would like to see the faster time frame (130-min in this case) to turn green. A gap up above today's high (were that to happen) could give a morning star reversal pattern on the daily. Under today's lows and things may fall apart.
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.