Yesterday's Power On Close = Weakness
Today's Open = Open @ 1297.50 GAP Up (2.25 pt)
Result = Early Rally into Up Trend
Today's TREND = UP Trend past 7 bar
Today's 15 Minute Close Bar =Down @ 1314.75
Today's Power On Close = Strength
Daily Volume = 1.86M high Volume
Today's $TICK close = 263
Daily Market Bias For Tomorrow =
-0.071 STRONG RANGE
Daily's broke out early and rallied to our daily target of 1317. This is a critical number as a break above the channel would be the 1st, confirming an up trend for the near term. We still have Not rolled over from the Daily cycle Resistance so correction must be in play for a healthy rally to sustain longer term. I would normally expect some selling tommarrow, due to the 4th of july weekend and friday bullishness and we are above Daily Support of 1310. If we dont get a hard sell overnight longs may be the play.
TRADE OF THE DAY:
TOD was a 1 Shot 1 Kill early on a 1500/500 sync. with PT Block Bar at BB 1/2 Line. The Best entry was @ 1306.50 -1307.50 Price appear to fake to the downside as a continuation from the pre-open, However we had Probars at the 1500 low and low volume then professional step in off support on the 500 tick for confiramtion. A very strong rally ensude to 1311.75 where 1500 Exhuastion and probars appeared, however price peaked at 1313.75 on this rally.
WHAT I COULD HAVE DONE BETTER:
Be a bit more patient when things are setting up, often times i have to sit thru immediate heat of 1-2 pts even though the analysis is correct.
SOLUTION:
Take ACTION when see chances, the market will give multiple chances and clues to get on board.
INTANGIBLE OBSERVATIONS:
Be aware to enter and Exit around Open and Closes of 30 Profiles and 15minute bars.