1200 Rejected With Conviction As Bears Roar (SPY)
|ES 1 min|
Similar scenario to yesterday only 1200 was rejected with a vengeance. More and more i am finding myself not reading one clip of news, not watching one second of television and only trading price and volume. It works wonders in this media circus market. I have created a type of tunnel vision for myself, perhaps you should try the same.
The S&P500 futures chart on the left is a 1 min, notice the PEAKS slightly over 1200 both yesterday @ cash close and today near MID day. WE have been seeing these mid day breaches of highs on the regular since last weeks shenanigans. Expect this and expect a downward reactionary move in price action because i believe these moves are only HF trading melt ups which the programs have all intentions of selling the hell out of the index once they buy there is all to buy. The algo’s since the bid depth is getting shallow, then they flip at extremes.
The ES pivoted at 1180, after falling from the day high of 1201.5. This move took one hour. The melt up took all morning.
Dollar futures are finding bids.. as well as the USD/CHF cross.. CRUDE has been leading equity index’s once again, up and down.. learn from this. and profit from it.
|NQ 5 min|
over and out.