alleytrader

es, spy, day trading for Aug 16th

FX:SPX500   S&P 500 Index
We have a gap up overnight that will have 2 possible reactions. first we could have is a move up over the 2878 area and this will cause me to look for longs to upper blue line targets. the 2) idea is a retest down to 2860 and then a bounce back to the mid 2870 area. the 3) ideas is a drop below 60 that closes gap and then moves sideways for the rest of the day. All ideas should give about 10 point trades. Keep looking for any of the moves to keep extending.
Trade active: retrace back tot eh 2860 area could be done and now a move over the over night high could start to see a short covering rally, eyes wide open!!
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