Hello Everyone,
Quick Notes: Keeping things simple today was basically the opposite of yesterday. The market opened higher and within the first 15 minutes began to weaken. Gap and trap type of day that punished those who chased. We have seen 100 point ranges the past 2 days on the SPX futures (ES) with OPEX wreaking havoc. As we stated recently, many charts are broken and thus it's difficult to find objective setups. Sure we have seen some rotation of late but the indices are heavily weighted tech and today was a prime example of how that impacts the indices. Despite 8 of the 11 major sectors closing higher today, the SPX closed lower due to information technology sector weakness. The miners had a strong day (yes it actually happened) so now monitor for continuation. Regarding the major indices, let's see if tomorrow brings some calm with an inside day after the past two wild sessions. As always, continue to trade the chart in front of you first and foremost.
Administrative Note: I will be traveling with family next week and thus away from the community. I want to wish everyone a Merry Christmas and Holidays. Please hold down the fort.
Note: Several previous ideas on watchlist remain valid but simply have not yet triggered so continue to re-examine each night. Consider making a fresh top 10-12 setups each night and put on front page along with existing trades. My advice is to keep your total ideas to a manageable number. Lastly, it's best to wait at times for valid setups to form - sometimes less is more.
Please take a moment to look at the trade ideas.
