Still overall leaning to downside. Things I’m watching:
1) went into today expecting a lot of up and down chop and think we got that today;
2) with the inside day, i) think if we break above 280.03 we can go revisit 282 area quick; or ii) we break 275.76 we can go down to 273 area.
3) if we break up, it looks like we could be in an abc retrace for wave (ii) (in red) and will watch for potential entry to short;
4) if we break down, will look for a bounce from demand to indicate wave (i) down is in and we will start to build an abc up for the wave (ii) retrace
I’m not in a current position with SPY because I think we are in such a large chop zone right around key levels (around a lot of key levels with individual equities too, I.e. AAPL). If we break up, I’ll lean to watching it as a wave ii and look for short entry for a wave iii down. We break down, will think about watching for an entry for wave ii retrace up
1) went into today expecting a lot of up and down chop and think we got that today;
2) with the inside day, i) think if we break above 280.03 we can go revisit 282 area quick; or ii) we break 275.76 we can go down to 273 area.
3) if we break up, it looks like we could be in an abc retrace for wave (ii) (in red) and will watch for potential entry to short;
4) if we break down, will look for a bounce from demand to indicate wave (i) down is in and we will start to build an abc up for the wave (ii) retrace
I’m not in a current position with SPY because I think we are in such a large chop zone right around key levels (around a lot of key levels with individual equities too, I.e. AAPL). If we break up, I’ll lean to watching it as a wave ii and look for short entry for a wave iii down. We break down, will think about watching for an entry for wave ii retrace up
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