My short add-on at 1440.50 was ill-timed. Closed it out at breakeven when I saw retracement developing. Initial position still short from 1444.75 with breakeven stop. EDIT: Damn! My initial short just stopped out at breakeven. If this is a bear flag (from 11:10 ET), it's a doozy! Now flat. May have to do this all over again. Seems like a lot of work. EDIT: This ain't no flag. It's a bona-fide re-test of the zone. Bulls, I'm impressed!
A retest of the most recent intraday swing low (1437.25-1436 area) might spark a half-hearted recovery to 1450 (intraday). The pattern of a low and a retest would be similar to chart pattern poster earlier from June Tues of Option Expiration week. It would be a Wyckoff spring possibility.
oops, guess it already happened. 1450 tested without a retest of the intraday swing low. I'll shut-up now. Good trading to all.
Because of the strong V-bottom rally over the last half hour or so, a Wyckoff spring in the area of today's lows would be a great potential trade in terms of risk/reward. I'll be looking for a good buy point there. It may not get there, but that's OK. Good swings already today.
Well, that was interesting, wasn't it? S 1448.50 BS 1449.25 (3 ticks) PT 1434.50 (14 points) Probably premature, definitely not confirmed, but I figure for 3 ticks of risk, what the heck? At 11:58 I got a very overbought RSI (78.7) and a nice spurt of up-volume strongly suggestive of a top. Fingers crossed. EDIT: Nah, no follow-through. Closed out at breakeven. So far, today has been a lot better for scalpers than long-ball hitters.
My take on how things play out: SPX stabilizes in this general area and rebounds to appx 1500 before rolling over and resuming its down move. Intermediate-term, not saying it will go to 1500 today!
Got my buy point. Thanks, Dick. EDIT: Out at 41; bot qt 37.25--better than nothing. Late afternoon, the springs and upthrusts don't work well for daytrades. For swing trades that last a few days, buying weakness is a different story.