MARKET TEMPERAMENT –
The SPX spread expiring tomorrow holds at 20 points around the 2720 strike leaving us 2700-2740 as our ranges of priced motion stretch higher for another day. Momentum is very bullish. As with yesterday, we need to look for higher lows to engage in order to manage risk appropriately as an intraday trader.
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. As it sits, we continue to hold the long bias unto our reversal form confirms.
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