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EXCLUSIVE SHADOWTRADER DISCOUNTED PRICE ON JAMES DALTON INTENSIVE 2 (April 18th to May18th) – $1049 CLICK THE BANNER ABOVE FOR COUPON CODE
Trending day yesterday on poor structure. Felt like a fear of missing out combined with a lot of short covering. Don’t discount this due to the structure, however. While the odds favor such action being retraced at some point, larger moves can and do begin on just such days. We’ve seen this market do that over and over.
With yesterday’s action we are now above the downtrend line in the S&P futures which may bring in more buyers just from a technical perspective.
Coming into today’s session, overnight inventory is almost 100% net long. Thus 2667.00 (ONH) is the upside reference and 2649.75 (yesterday’s RTH high) is the first downside reference.
Deeper into yesterday’s range there are many spikes of single prints to contend with. 2639.75 is the top of the highest one. Spike rules apply. Acceptance above or within the spike is more bullish, acceptance below is less so as it represents a rejection of those late day higher prices and confirms that many traders are “long in the hole”.
Have a great day,
peter
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