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No fading a high momentum move in the last thirty minutes. They have a tendency to ramp right into close. The setup to fade 74 had to happen during the previous rally cycle before that last dip.
Can you help answer these questions from other members on NexusFi?
I have an old line of wisdom... "You can't know for sure how many buyers or sellers are going to join a move until it's in motion."
That one went off the charts. Five candles in and it was clocking. This is setting us up for a bear party tomorrow. I would be fading here around 2076 on the cash if only it wasn't this time of day...
Oh, and... I will probably be really focused on the market tomorrow and won't be around.
I will be fading bounces around 2075-80 on the cash. We are going to put in a short term topping pattern. Inside day tomorrow. Don't expect the market to go higher now until possibly Friday. Were solidly up against resistance and have taken out the buy stop pockets with that pop into all time highs.
You know, it's so interesting all the little intricacies of trading... Different movements get interpreted differently depending upon time of day.
A price that is a good probability short setup from 13:00-14:00 EST becomes a high risk trade around 15:30-Close.
The market is demonstrating extremely high respect for pivot levels. Welcome to slow markets... This is how they behave. The game becomes extremely micro-strategic.
The Jobs report this week... I have a interesting thought about that.
It looks like "2090 or Bust". Eg, either the S&P will attempt to spike to 2090 and collapse, or it will just collapse to support. Heh... Daily support is around 2052, so it's not all that bad.
