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SPY gap fills… QQQ IWM lag.. VIX backs offfehro wrote:covered.. may bounce here.. SPY testing yHOD, mon HOD.. +$4.50ishfehro wrote:as per usual mind the morning gap .. SPXfehro wrote:shall we try again.. short SPX near here.. 2507.50 not sure.. resistance, 30m/ 5m
Yes, quite so-- all traders observe (should observe) longer timeframe patterns than the one they farm/mine/harvest (choose your metaphor). The longer provides the context for the shorter, guides any discretionary action.Trades with cats wrote:So true, yet when big traders using "other time frames" enter or exit we get those wonderful day long trends.
keep in mind EOQ on Fri, EOM .. may see profit taking starting today - Fri as RUT /RT IWM make new ATH today, fwiw.fehro wrote:reload short SPX again 2500.00
At 145.70 IWM is not far from its HOD (and ATH).. hence, its failure at an intraday double top would likely put a bearish spin on the session. Am still watching closely.Daniel wrote:..one must be watching for breakout leadership (or not) from IWM.
And, at least 52-week highs in XLI and ITB, plus the Dow Transports (a slitely different blend than IYT, hence addl confirmation).Al_Dente wrote:new ATHs today: IWM, XLF, IYT
(fehro or daniel probably already noted this)
Trades with cats wrote:ES 2497 is the clear point of control for now. I am learning market action or auction theory vocabulary. They call this area a fair price because buyers and sellers are in balance. They also call it a zipper on the chart.
also 4 weeks to the Election lows.. nice 1 yr return.. especially those working on Oct 30 Y/E .. profit taking ahead?Trades with cats wrote:From Stock Board Assets public posts- Late stages of a recovery economic theory says manufacturing and basic materials should be leading. So the macro view gives an edge to intraday tactics if you know which sectors should have a tailwind. But while it sounds good on paper I think Yogi Berra said something about theory and practice!
"In theory there’s no difference between theory and practice but in practice there is."Trades with cats wrote:..while it sounds good on paper I think Yogi Berra said something about theory and practice!