We are currently swinging ranges between 2902 and 2938.75 as market participants search for a fulcrum. Any trades -short or long should be short lived in this environment. Buyers are concerned we hold 2882 and sellers now hold 2931 as their first line of resistance in the sand. Whipsaw continues.
RECAP -Sellers want to keep us below 2935.75 and stay there. Buyers want to hold the higher level of 2902 today.
Divergent action still sits below the movement of price (this is why we won’t buy the highs unless we are scalping the trade) but traders are looking at support edges to bounces. If they do not, we could see more motion to the downside.
****WHEN OUR METASTOCK MAP FLASHES WARNING SIGNS,
DEEP DIPS AND WIDE SPIKES IN PRICES ARE ALWAYS A STRONGER PROBABILITY.
Our Metastock Map for swing trades, TARGET RICH TRADES, is still flashing warning signals for those holding swing longs and suggests taking profit where new highs are showing. This has been the environment over the last weeks.
Failed retests of 2936.5 can open SWING shorts INTO SUPPORT- BECAUSE WE ARE MAKING WHAT I PERCEIVE TO BE A TOPPING EVENT, THERE WILL BE SEVERAL ENTRIES HERE WITH PROFIT TAKEN BETWEEN 2909 AND 2913,WITH STOPS NEAR 2943.5
Divergence and defense of recent lows tell us buyers are still in the fight as sellers engage actively Here’s a link to the METASTOCK software
IF YOU DON’T JOURNAL YOUR PROGRESS, YOU SHOULD – How about finally starting that trading journal?
PROTECTED DATA SITS BELOW –
IF YOU CAN SEE THIS LINE, YOU ARE LOGGED IN
NOTICE: All user and member interaction and participation with TheTradingBook.com implies agreement with our Terms & Conditions