Driven by headlines the Algos continue to push price higher. This usually happens during the Globex hours where the liquidity is low. However, the day session traders can find plenty of opportunities. One only need to listen to the price action. Regardless of the short term bias the market structure provides objective levels to watch and execute trades. I haven't updated this chart much but one can see the areas identified sometime in the past continue to show reactions. The market has memory.
Today's session offered long and short opportunities. But I personally was cautious about longs and executed a short when the market got exhausted into untested resistance.
The chart shows the negative divergences which is alarming for longs. But one need to confirm entries with price action first.
A rejection from the higher prices may lead to a retest of the trend line and potentially the stronger support below. If today's low holds we may see the buyers pushing higher targeting the all time high. Things can be interrupted by headlines again.
Today is the first day of rollover to December contract. It adds to the overall choppiness.
Stay nimble.
9/12/2019
Today's session offered long and short opportunities. But I personally was cautious about longs and executed a short when the market got exhausted into untested resistance.
The chart shows the negative divergences which is alarming for longs. But one need to confirm entries with price action first.
A rejection from the higher prices may lead to a retest of the trend line and potentially the stronger support below. If today's low holds we may see the buyers pushing higher targeting the all time high. Things can be interrupted by headlines again.
Today is the first day of rollover to December contract. It adds to the overall choppiness.
Stay nimble.
9/12/2019
