Hello Everyone,
Quick Note: Following yesterday's consolidation day, the major indices rallied to new recovery highs today with the SPX closing above 4500 and reclaiming its 200 day MA. All the major indexes closed higher led by technology (NDX). We can know count 5 clean waves up off last weeks lows (will discuss more below) with some negative divergence now showing on the 60 minute charts. Therefore, trail up stops on existing long positions and keep some hedges handy to deploy in accordance with your plan.
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. Big moves tend to occur first and last hour and overnight sessions.
Please take a moment to look at the trade ideas.
