Ugly Tape!
Ugly Tape!
UPDATE 1:32pm EDT: Let’s face it – today’s tape is extremely ugly. The trend seems to point to the downside and our 812 mark is close. I just glanced at the SPY chart and this is what I’m seeing:
I admit this is highly speculative – but it seems that this upper diagonal line poses some resistance.
It’s also time to check out trusted stochastic grid once more. We’ve burned through some downside potential but there is plenty of space for more. So, in order to arrive at a conclusion of whether blue or green is playing out we need to remain fixed on our price points. 812 is really as far down as we want to go, otherwise probabilities swing in favor of Mr. Green (i.e. the expanded or running flat).
UPDATE 3:51pm EDT: Boy, I was not kidding – we didn’t go anywhere today – glad I was coding. Will soon follow up with the daily wrap up but even the Zero was getting annoyed today. Ugly tape!!!