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After the FOMC spike, the index failed to make a new high, and has be sold ever since retracing all of the FOMC gains and more. Notice in the red box how the relief rallies were meek and sold aggressively, suggesting bears are happy to sell higher and are in control short term.
I'll look for a corrective rally towards 1712 to form an LH (lower high). If it does, then I'll look to sell here, targeting 1695 and 1680
I'll look for a corrective rally towards 1712 to form an LH (lower high). If it does, then I'll look to sell here, targeting 1695 and 1680
Ryan Tyler
Still we have the opportunity to long
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2ndSkiesForex
Ryan Tyler
Agreed, I think a quick intraday long is available
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sunny
2ndSkiesForex
30 min chart has this in a descending channel. bulls might be finished this week but these trend lines are weak... do you have another opinion? thanks
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sunny
great analysis. in and out of the office, too bad I missed some of this so far.
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sunny
Thanks. Enjoyed playing 1697-1700 early this morning.
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2ndSkiesForex
sunny
@Sunny - de nada mate. An easy scalp there. Now just needing a weak pullback
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sunny
2ndSkiesForex
This might be the pull back up? Might last all day?
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2ndSkiesForex
sunny
Its definitely moving at a Tortuga pace
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sunny
2ndSkiesForex
That's the way I like it. Glad I stopped playing an hour ago. What will happen next?
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sunny
I like this idea. Tuesdays are good days for equities usually so this may work out.
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