Key inflection today at 412 if we reject this level and/or stay below it, shorts will likely be in control for the morning session. Hard to predict what the after noon will look like without the morning price action, we’ve seen a handful of days were it reverses completely. In those situation where you are unsure if price action will continue, first look for a higher high on the 5 min. Then see how price moves away, If it is a shallow sequential pullback with a wick off the bottom, that is a good indication of a price action shift.
No major bias today, we could likely see another mutes session as investors wait for tomorrows CPI data.
For further confirmation of a trend day, watch for:
ADD pinned near +\-2000
VOLD ratio over +/- 3
TICK cumulating past 0 wicking to +/-900
Watching this closely on the open for weakness.
Other Watches
Comment:
market was very strong off the open today so many of these short ideas were invalidated quickly. HIMS eventually got top heavy so i played a H&S once it got to 11.50. Worked out as a fader all day but certainly wasn't a smooth trade. CVNA and PLTR were the money trades. I missed CVVA but had a quick scalp plat off the bottoms of PLTR.