Yesterday's Power On Close = Strength
Today's Open = Open @ 1301 GAP Up(.5 pts)
Result = Early Up trend
Today's TREND = Dn Trend
Today's 15 Minute Close Bar =Down @ 1297.50
Today's Power On Close = Strength
Daily Volume = 3.1M High Volume
Today's $TICK close = -431
Daily Market Bias For Tomorrow =
-0.286 MODERATE RANGE
Daily's are showing Signs of short term Weakness again as prices break below the old trend line top and tries to find a low. We also have the Daily's cycling into a PB in trend to the downside. However the 13,500 is poised for an EOT bounce and we could get a rally into the weekend. Today the Profile formed a dirty b-pattern signaling a weaker downside possibility, a break above 1300 could be the catalyst for a rally back to test the 1316 level. Im expecting some consolidation after 2 days of trend moves but im on the lookout for breaks into trends.
TRADE OF THE DAY:
The TOD came on an Open Ice Break @ 1302.50 that took alote of heat prior to and after the Home Sales Numbers, Testing the 1300 Lever multiple times But the prevailing Wind of the Globex and Pre-Open Background Pushed Prices Higher for a 1 shot 1 kill opportunity. However The Early Uptrend appeared to be shaky basing at what appears to be a short term top forming.
(Notice the Consolidated Open, BUT the 4500 1/2 Line and EOT in the Background were the Clues)
WHAT I COULD HAVE DONE BETTER:
Readjusted pretty well and took small profits
Readjusted well with solid Reentry
Showed Good Patients and did not bail under heat, I stuck to the 4500 Trend.
SOLUTION:
Know your Pro-Open Bias and stick with it!!
INTANGIBLE OBSERVATIONS:
On Consolidated Opens, remember to trade with the 4500 Background Volume and BB 1/2 Line Side. you can count the number of crosses on each side then bias the side with the most successful crosses.
