MARKET TEMPERAMENT –
The SPX spread expiring today is tight at 16 points around the 2735 strike leaving us 2719-2751 as our ranges of priced motion stretch higher for yet another day. Momentum remains very bullish. Until this shifts, all our pullbacks will present buying oppotunities. That means we need to look for higher lows to engage in buying events in order to manage risk appropriately as an intraday trader. The KEY watch state today will be – can we break above the 2734 congestion level and hold there-
Continue the watch state 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 (or fail to bounce well) 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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