The S&P's continued higher today on low Volume. Value was clearly higher but the rally fizzled late afternoon and the market settled between two prominent POC's. Monday's high is Poor. I am going to treat the lower distribution from today as a Spike and employ the Spike Trading rules - do we Open in or out of Balance relative to the Spike? Opening above the Spike is positive and targets Monday's POC, the poor high and above that the March 2012 highs at 1401.25. Opening below the Spike is negative and targets the prominent POC at 1387-88 area and below that the pullback low from Friday at 1384.50. There is no Excess at the highs thus far.
No comments:
Post a Comment