SPY finally got a structured pullback move that we can measure. A 100% projection bringing us right into the May 3rd gap point.
In the chart above there is an up arrow on the 65-min chart indicating a potential long entry (based on the daily time frame's 2c-2d criteria setup). As that didn't develop a short entry occurred signaling a roll-over in price (tick down in the daily fast line, giving us 2c criteria again, a breakdown of support).
The higher time frames are still very bullish: The first support we're looking at is the May 3 gap
Looking at the monthly chart, again, bullishness still intact, keep an eye on previous monthly lows as potential support, starting with $158.10 should the May 3rd gap give way
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.