SoundsgoodTFtalks

Relatively quiet day

SP:SPX   S&P 500 Index
Chart 1.1
Chart 1.1 is daily chart for SPX, as chart shows clearly that the market already did "price correction" back to its 8&21 Emas, and something interesting is 8 EMA kind of overlapped with prior short term resistance (as showed in light purple dashed line.)
Chart 1.2
Chart 1.2 is 15 mins chart for SPX, market opened trading to the downside on Monday in what is expected to be a relatively quiet week for stocks ahead of next week's Fed meeting. And holding up somewhere above its prior 15 mins resistance (3975ish).
Chart 1.3
In today's pre-market trading the US index futures are mixed, with the DJIA leading, up by 0.06% from Monday's close. In my opinion, the market will most likely open up high with a common gap, and common gap tends to fill. I also don't think market will hold around 3980ish, it will likely try to retest 3950-60ish level short support. And it is likely the market move in a narrow range. (Risk&rewards 1.67) Therefore, I don't think its a very attractive ratio for day trading today.
Talking about set ups for today, I think HON is very interesting and its risk&reward ratio is very reasonable.
Chart 1.4
Chart 1.5
As Chart 1.4 shows daily for HON, and Chart 1.5 shows 15 mins for HON. Its close to prior big resistance level giving an intraday, and I would prefer to take some short here. From it 15 mins chart, today might have some bounce, 217.3ish is somewhere I'd like to take a shot and I also don't think it will hold yesterday's close, i will likely to test 214ish or even 212.3ish.

Please feel free to express your ideas and thoughts in the comment section.
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