Here is what I worry about for ST cycles. When all these 3 line up together on this DAILY SPY chart, it represents momentum on that side in most cases. That said, bulls are in a danger mode right now.
11667-11677 brand new accumulation zone just made and possible support area. So, haven't taken any short yet. 17720-11730.00 Is distribution area.
Short 11727.25. Willing to add. 11701-11715.50 looking to take profits possible and we have decent probbaility to revisit the untested 11667-11677 zone as it hasn't been tested yet. Above 11740.00 need to be careful short though.
Decent move up. I am shorting into this above up well its already coming down some from where I shorted. Still need to be careful here, but I don't see this move sustaining itself so going to keep attacking short and getting out on dips.
I am 11767.00 on 3. On wrong side and above 11780. Can have a lot more upside. So looking to exit some if it lets me and moves down. Still going to hold one though.
Under normal circumstances when there is a huge surge at market open until 10am, i.e. without negative market moving news, I agree that intraday signals support bulls right now and hence, BTFDs for day traders.
11746-11756 is new accumulation zone, so seeing price progression not what you want to see if you're short and short biased. Need to get below 11746 asap or going to go back up again. Still this is pretty overdone, so expecting some more pullback.
For me, it's just a read off the daily charts based on yesterday's close. Sometimes I can forecast up / down day based on that. Not all the time, but sometimes!