Yesterday's 15 Minute Close Bar = Down @ 1323.50
Yesterday's TREND = UP 9:00/Reversal = Range
Yesterday's Power On Close = Weakness
Today's Open = Small Gap Down (2.25 points)
Result = Gap Down then bounce for a continuation of yesterdays action.
Today's TREND = Range
Today's 15 Minute Close Bar =Down@ 1321.00
Today's Power On Close = Weakness
Daily Volume = 2.0M low
Today's $TICK close = Down @ 363
2 tight range day doji's showing up the Daily's indicate a potential Break out of consolidation in the coming days.
1327.50 Key Resistance
1319.00 Key Support
TRADE OF THE DAY
Today's Trade of the day was a sell at the 1225 level down to the 1220.50.
We opened down then rallied before retesting the Gap area from Yeserday. On the 4500 tick wee Probars at cycle peak resistance. 1500 tick shows recent exhaustion the probars @ cycle resistance. 500tick showed EOT @ cycle resistance. 3 minute show probars @ cycle resistance. 1 minute tick in downtrend. 15 minutes 6:45 bar show bearish divergence on Up bar into trend resistance. 15 minute 7:00 shows hangman on the Low volume.
15 minute chart shows range bouncing off of support from prior days gap area.
1500 tick sell off
What I did well was be patient with my entries and stayed with the broad analysis. I trusted my forecast and and managed the positions for max profit.
Market Internals helped to with my management and confidence as multiple stocks moved in sequence with ES. GE and QQQ both formed End Of trend Signals with ES.
Today we saw another Low volume day that appeared to be testing the support of the EOT from early this week, we also a tight range for the second day in row, and the 2nd Flush signal in the last 5 days. As obvious as the sell off looks, I wouldn't be suprised if we see a friday rally to create Demand going into the weekend.
