MARKET TEMPERAMENT –
The SPX spread expiring today holds at 15 points around the 2705 strike leaving us 2720-2690 as our ranges of priced motion stretch higher. Bullish news pervades the airwaves but one thing is clear to me – breaking and holding higher has been difficult, even as buyers remain in charge of direction.
Our decisions in the market today suggest that we need to watch for support tests to continue long to minimize risk. As traders, we should be risk managers FIRST. The market is a minefield and only fools rush in.
I continue to look for THE FAILED RETEST OF NEW HIGHS as our Metastock swing system says should be our introductory entries short…. this means that how well we bounce here over the next couple of days will bring us to engagement.
How about finally starting that trading journal?
You should – Here’s an easy way to keep track of your progress
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