[INTRA-DAY ACTION]
Market getting pounded today. Nothing looking good for a long.
IINA.Z 837
IIND.Z 2148
TRIN.Z 2.4
I was waiting for an entry into WYN around $7.00, but it didn't feel right and has dropped right back to $6.84. I was looking for a bounce at support and 20MA on the daily chart at the $7 mark but it's not giving me an easy entry.
X has sold off hard today, the pullback to the 10MA at 10:20 this morning was a good entry short for a low risk trade. SPY has broken down a short term descending triangle and I would low look for todays resistance to be at 878.
I'm waiting on a trade in XRX with entry around $8.05 and have included the daily on the charts above.
Update 18:15
More selling. S&P 500 has looked pretty nice on the 5 minute intra-day. Quite a few clear setups. The best one is this ascending wedge into resistance. Currently predicting a formation of an ascending triangle with resistance circa 878 as mentioned earlier in the day.
Elsewhere WYN just won't give me the setup I want so I've set an alert on that and will check later. XRX is pulling back nicely
Internals looking a little stronger post lunch but still very bearish, would like to see some volume breaking out over 878. The market could just drift along until next Tuesday morning, where I will be looking to take a position overnight leading into inauguration.
Update 19:45
Selling continues as several stocks make new lows on the day. 500 continues to show continuation patterns. Internals continue their decline.
Cleanest setup of the day goes to AMZN short @ 52.5:
IINA.Z 837
IIND.Z 2148
TRIN.Z 2.4
I was waiting for an entry into WYN around $7.00, but it didn't feel right and has dropped right back to $6.84. I was looking for a bounce at support and 20MA on the daily chart at the $7 mark but it's not giving me an easy entry.
X has sold off hard today, the pullback to the 10MA at 10:20 this morning was a good entry short for a low risk trade. SPY has broken down a short term descending triangle and I would low look for todays resistance to be at 878.
I'm waiting on a trade in XRX with entry around $8.05 and have included the daily on the charts above.Update 18:15
More selling. S&P 500 has looked pretty nice on the 5 minute intra-day. Quite a few clear setups. The best one is this ascending wedge into resistance. Currently predicting a formation of an ascending triangle with resistance circa 878 as mentioned earlier in the day.
Elsewhere WYN just won't give me the setup I want so I've set an alert on that and will check later. XRX is pulling back nicelyInternals looking a little stronger post lunch but still very bearish, would like to see some volume breaking out over 878. The market could just drift along until next Tuesday morning, where I will be looking to take a position overnight leading into inauguration.
Update 19:45
Selling continues as several stocks make new lows on the day. 500 continues to show continuation patterns. Internals continue their decline.
Cleanest setup of the day goes to AMZN short @ 52.5:
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