After the FOMC spike, the index failed to make a new high, and has be sold ever since retracing all of the FOMC gains and more. Notice in the red box how the relief rallies were meek and sold aggressively, suggesting bears are happy to sell higher and are in control short term.
I'll look for a corrective rally towards 1712 to form an LH (lower high). If it does, then I'll look to sell here, targeting 1695 and 1680
Commenti
Ryan_Tyler
⋅
Still we have the opportunity to long
2ndSkiesForex
⋅
Agreed, I think a quick intraday long is available
sunny
⋅
30 min chart has this in a descending channel. bulls might be finished this week but these trend lines are weak... do you have another opinion? thanks
sunny
⋅
great analysis. in and out of the office, too bad I missed some of this so far.
sunny
⋅
Thanks. Enjoyed playing 1697-1700 early this morning.
2ndSkiesForex
⋅
@sunny - de nada mate. An easy scalp there. Now just needing a weak pullback
sunny
⋅
This might be the pull back up? Might last all day?
2ndSkiesForex
⋅
Its definitely moving at a Tortuga pace
sunny
⋅
That's the way I like it. Glad I stopped playing an hour ago. What will happen next?
sunny
⋅
I like this idea. Tuesdays are good days for equities usually so this may work out.