A look at the SPX spread expiring today at the 2750 strike sits around 26 points leaving us 2776-2724 as we sit just inside the lower edge after the weak numbers. Deep moves yesterday after failed bounces show lots of negative pressure still in play meaning that any bounces will fail at the first passes into resistance as trapped buyers try to leave. A failure to recover 2757 will see sellers take control of sending us lower. Divergent action allows for potential big wicks and likely reversals. Traders are filling in thin volume profile regions. Markets remain very messy and are quite volatile. Please use caution with size.
Our Metastock Map for swing trades, TARGET RICH TRADES, is now looking at the lower high of 2803-2799.5 to reject and engage short on the swing. Divergence and defense of overnight lows tell us buyers still sit below. Here’s a link to the software
How about finally starting that trading journal?
You should – Here’s an easy way to keep track of your progress
PROTECTED DATA SITS BELOW –
IF YOU CAN SEE THIS LINE, YOU ARE LOGGED IN
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