2:18: So they’re almost home to 458.00. Between 458.15 and 457.79 is the spot.
Aggressive traders can expect a bounce from that spot.
It’s a scalp, not a marriage…
We’re running out of time on the clock, so understand if it goes against you and the time is running out, you either have to take the hit or hold and hope.
The exact reason why trades taken too late come with added risk…
Below 457.79 on candle closes and it’s wrong.
Back as needed.
2:09: Some traders can see the writing on the wall…
They’re either going to reach 458 give or take right into the closing bell, or…
Just float around the rest of the day…
Still watching just in case…
Back as needed…
1:52: The same support and important spot from this morning around 458.00 give or take should be important again if reached…
Should get a bounce unless it happens near the end of day, then anything goes…
1:29: Around, above and below the big phat round number is all they’re doing – at present…
Back as needed…
1:12: Where are they now?
They’re climbing the first-hour breakdown candle toward the high…
Maybe it’s a wedge pattern and they come back down after running said test in the neighborhood of the highs…
However, that high is also the all-time high from this morning…
Therefore, I’m not in the camp of betting they’ll come down into the close with a couple of hours left on the clock…
Just sayin’
It’s quiet and they’ve been in the light volume float mode since the early morning shakeout operation…
Back as needed…
12:42: Update…
They got back to 460 as prescribed… (459.97 high thus far…)
They’ll likely get a little higher but should peter out sooner than later for a while…
Back as needed.
11:03 Staying above 458.70 keeps the bulls working back to the big phat round number of 460.00 or higher, at some point…
Still back after lunchtime…
11:01: They really needed to get to 458 and below for another trade at present…
Now they’re bouncing away, so it’s not the same…
This is the bounce we would have been looking for…
Just didn’t get to my number…
Back after lunchtime or before if something crazy is happening…
10:57: At a spike of 458 it will be showtime again for the bulls to play defense…
Big spot.
10:37: If they drop em’…
They will likely run down and spike through 458.00.
And, if they do there should be a snapback…
Candle closes below 457.60 and the bears are in control and lower prices would be on the docket…
Back as needed…
10:30: No change for now…
They’ll move, but until they’re above one place or below another, it’s a chop shop formation…
Back as needed…
10:24: 458.00 is support.
The candle closes below and the bears pick up the fumble…
460.00 is resistance (give or take…)
In between is a chop shop formation…
10:09: And by the way…
That’s what we call “A Shakeout Operation…”
10:08: Next order of business is back to the magnetic 460.00…
Above and below and back to…
So far, that’s what’s going on…
10:05: Low of 458.20 low against 458 give or take.
Kind of on the line of give or take…
Either way, nice bounce from that area…
They’ve moved em’ quick all of a sudden…
We’ll get some opportunities as the storyline develops…
10:02: 458 give or take is the next spot where if a test is run, there should be a reaction in the other direction…
9:51: Traders long need to book profit along the way…
459.95 is the key…
Above on candle closes and she can run some…
Until she does, tests and rests are on the table…
9:50: Ran down to 459.25 and now lower.
It’s showtime for the bulls to play defense.
Below 458.00 on candle closes and it’s not bullish in the short run…
9:44: In the spirit of no surprises…
They’re doing the thing around 460.00 – back and forth…
Opportunity is scarce…
It’s a floater at present.
Back as needed…
9:36: 459.25 (give or take) should be a bounce number…
If reached on a straight shot…
9:33: Very quiet open…
In patience mode…
Remember, they’ll trade away from and then come back to 460.00…
9:16: We’ll let em’ go for a while at the open…
They’re hanging around SPY 460.00- the big phat round number…
Expect some back and forth above and below…
Remember – it’s magnetic…
EarlyThoughts
Happy Monday…
last week ended with a ramp-up right into the close…
Follow-through is what we’re seeing to start the first day of the month…
We talked about the big phat round numbers and the inverse head & shoulders pattern…
No surprises, they did the thing…
As for the numbers…
The SPY is trading at new all-time highs which is also known as “No Mans Land…”
It’s not a “hop on the bus” scenario…
It’s not a “short the market with both hands” scenario…
It’s a wait to see what happens and what develops throughout the day scenario…
The gap left open from last week is 459.25.
There will be support and a bull-bear battle before they get to the gap…
We’ve got the big phat round number of 460.00 which should be tested sooner than later….
As for Stocks on the Move…
It’s a light day in terms of pre-market activity.
We have no choice but to accept the tape Mrs. Market provides….