We Got the Squeeze on, The 200ma and the 54 are approaching the pinch stage. Will they cross? They will if price stays above the Kryptonite zone-200ma.
Trump is busy with his fancy foot work. Stocks are looking for helium, Can the Guy produce? Me thinks time and price erosion in play for a Lay-down. Another leg down- End of day? or night?
We did get a little pull-back in the early hours but no leg down, but yesterdays daily close was soft and not weak and this would have cancelled the affect i was looking for. Missed my morning trade typing this
This 30mn chart appears to be bullish from a purely Technical stand point, but do we ignore the overhead 200ma? Remember the old adage, that Bears have a particular fondness for markets that trade below the 200ma. Either way right or wrong, if we don't get solid news to support pump-ups we get a dumps. Head winds in the forecast today?
It's almost impossible to try to day trade this market with one screen, I'm glad i don't have that problem, its nice to have at least two. The 30mnt has positioned itself quite well, given its location it can easily take out today's highs as long as theirs enough long order flow.
No enchilada, 3118 still in-force. Time and price waiting it out while the 200ma dips lower. The evening Traders will most likely come to the aide, unless Asia pukes us lower. Market still looking bullish. That 13:57 pm 1mn bar convinced me we're not ready to give up and go down, with 28k+ volume and a reversal close, this one act set the pace for our firm close today. With the trade winds blowing both ways, we are in day Trader heaven.
Big bar on the 30, But me thinks we're reaching a point where we have to come back to reality a bit before we can go and attempt to reach for the all time daily highs?
One would think, my earlier text on a needed pullback to go higher was a flop, like this gif picture. But having patience and using a good moving average is key. When you have a news generated move, stepping in front of the bus randomly doesn't work out so well. But to be a good day trader one must have patience and firm control over your emotions.