We are right under resistance….lets see if this afternoon we can make a push through. On 60-minute timeframes the markets have broken loose.
If downside protection is needed a short on the $spy or using $sds can be made. Note that stochastic is not yet overbought, but at least near the mid-level and not overbought. There is not a huge edge to this trade ( in terms of probabilities) (as there was when the 50 day moving average setup as a short and stoch. was overbought). However, the risk ratio is about as good as you can get as your risking maybe 1 point on the $spy. For this trade, you have to be willing to take a small loss and not worry about win rate- accept a small loss for the chance at a multiple R gain.
Regardless due to where we are on the charts. I'm not adding any swings. I will daytrade a few scalps.
the good sign is that we have not seen even one intraday selloff. the action the last couple weeks has been consistent selling on pops intraday...every spike faded.
Keep an eye on solars. They are looking pretty good.
STP, CSIQ, TSL
Keep an eye on this…we get a funny speech from EL PreZ this thing could run right out of this makeshift triangle i drew! prob to 20 dollars.
