I was thinking of the short side on Sunday and needing a few things coming together to lure me in. None of those triggers were pulled and instead the market found a bounce that has likely burned any bears who jumped the gun. Thankfully, I waited for my signals that never came and saved myself some capital :
AS one who’s looking for weekly trends I prefer CLOSING action over intraday action as a trigger. Price never closed below the 13WEMA and only flirted with an intraday poke yesterday of the 65DEMA (AKA 13WEMA) before closing back above it. THOSE are the punk moves I enjoy missing as an EOD trader.
Naturally, $TICK held it’s ground also:
SPX 1345 looks like the top of a downward TL from the May top, so if there’s any merit to my notion of a weak summer then that TL needs to cap this rise. I need solid confirmations in my favor before trying to trade around my usual summer boogie man. The last 2 summers have imprinted a bias on my brain.
Speaking of recency bias, I’m sorta liking the triple bottom action in NVDA and the +PPO divergence in SSRI and EXK.
