I don't know, it still feels weird, lots and lots of heavy selling into the market, huge market orders are hitting and slamming price down by 3-4 ticks during these pullbacks. That was a nice upsurge from 76 but the follow through has lacked conviction.
5 minute trendy...profit was too huge on longs intraday just bailed on all accounts....will reload longs at new lows.
Bottom line is price or the market rejected 1170 for now. I was fooled by what looked like accumulation. Even harder than taking these trades is holding them when you start to breathe some air. 1190 near term resistance cash or spy. A close today above that would be bullish.
We have not seen the 2:30 bail out run up for a long time until today. The message I can get from this is that below 1180 is not allowed
Buy 1179.50 Stop 1176.25 (not yet filled) Lawrence - let's hope they can tag my buy order Edit: filled (2:57PM EST) Edit2: taking 1/2 off at 88.50 +9 Stop to BE (3:05PM EST) Edit3: Stop to 82 (3:12PM EST)
it will end at the lows of the day... the pattern has been let the market make new lows till around 11:30 ...buy for upsurge... then reshort at 2:30 pm... 'cascade' on daily charts has to end..usually takes 2 days of sellings.