SPY - Had potential for long follow-through today but it just didn't pan out. It may be tough shorting a negative fast line change on the hourly (being that there would be potential for a 3d criteria) but it will have to be entertained. May be a little inverse H&S developing but there's nothing to trade unless it breaks the neckline.
With a higher time frame look the daily short looks to be worth a try stop at around $164.33 - 164.49 area
QQQ - short trigger within a falling wedge, but a falling wedge can break in either direction
XLF - nothing to report. Important that it holds support after it's recent breakout. May take some time to consolidate if it hods these levels
IYT - 50% retrace was support, now resistance?
Overall we just have to let it coil and play the break
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.