Chart of the Day

Chart of the Day: S&P 500 short-term setup (5/27/15)

AdamHGrimes

27 May 2015 — 1 min read

Yesterday's play was to not fade a break, up or down. This turned out to be correct, as the market gapped lower on the open, and did not look back throughout the day—ending in a volatile downtrend day for the entire session.
Assume bearish mode for the immediate future; early-morning consolidation is likely today. If we see a tight consolidation for the first part of the day, do not fade a breakout in the afternoon, as an afternoon trend becomes more probable.

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