Hello Everyone,
Quick Notes: After trading in a narrow range in the morning and forming a tight coil, the SPX started to break to the downside taking out yesterday's lows (just slightly) then we saw a quick bounce which stalled and found resistance near the early morning lows and turned back down falling sharply over the final 20 minutes down to 4126 before setting at 4127 (filling Friday's gap) Today's late day selloff brings into question this uptrend with price breaking short term support and
overlapping a previous high. We could still see a more complex corrective advance unfold higher BUT based upon bulls failure to reclaim resistance on the daily and today's late session retreat one must now become more defensive. Bottom line is the the onus shifts back to the bulls. The day ended with futures short term oversold so let's see how any bounce attempt unfolds in the globex session.
We have managed to find a few nice trade ideas over the past few sessions (will review tonight) but thus far tonight I'm not seeing anything objective as yet for long setups. Many setups are broken or loose after perusing many charts - should I find any later I will post on the trading community tonight.
Please take a moment to look at the trade ideas.
---------
5/6: SPX DVT = 4107, 2 day candlestick chart 4065