Gilead Sciences Inc - Remdesivir Study Update: $GILD Was Associated With An Improvement In Clinical Recovery And A 62 Percent Reduction In Risk Of Mortality
There are far more detailed ways of getting a sense of the market. Coming up with specific levels, whatever. Getting our 'intuition' going -- or 'mechanical' if that is the way you roll. This is a part of my routine to get focused on the day. I look at it for what is interesting. I would never put in the 'boxes' for the size of the overnight versus the days (but do it for this demo)... this week as the nights became smaller, the days became bigger. Don't know that means anything, but it is noticeable. Last night was bigger after the big day... so what is likely to happen today? The purpose of this exercise is to get a sense of the market and anticipate the day ahead... develop more than one 'likely' (which I show in the red rectangles... which are based on the size of the prior days). The practical application is that if one of the 'likely' is happening... to not exit a swing trade prematurely. A measure move down from yesterday is possible... There are all kinds of things one can think about looking at this chart. But... Simplicity rules... IMO
There is no Fed money today so Mnuchin ordered the virus PR held yesterday and released this morning. I expect at least one more news release if the market trades red for more than five minutes.
I have 2 friends / Seasoned Traders that flat out refuse to trade the short side... It`s Long or bust.. Now I know why... All it takes is a whisper & shorts are vaporized in a nano second?
My trading plan: On the upside we have a poor high at 3174.25 07/06 & 07/07 DTopped there - expecting that to be run through 3190 target - support at 3140ish at some point early in the day. On the downside - below 3125 I will be looking for a down trend day with 3070 target.