Bounced perfectly off the bottom of this megaphone (Yellowline).
Broke from under its 3 day resistance (Whiteline) and closed above it.
Another thing notice was the 10yr daily is the inverse of the spy. 10yr fell back inside its megaphone at the same time the spy bounced off its support; Coincident?.
What that means is to expect a pullback from XLF (Banking) and bounce from XLK (Tech).
On Monday I want to see the spy hold 433 breakout and then I'll be confident for a move higher to 439 or megaphone top...
Is this the end of the correction? The answer is, as long as we're under that bear megaphone you'll have to be bearish but pivoting when you see the spy bounce off crucial support is key to being a successful day trader.
catalyst to watch this week
Wed - Nonfarm payroll
Thurs - Sept job report
Broke from under its 3 day resistance (Whiteline) and closed above it.
Another thing notice was the 10yr daily is the inverse of the spy. 10yr fell back inside its megaphone at the same time the spy bounced off its support; Coincident?.
What that means is to expect a pullback from XLF (Banking) and bounce from XLK (Tech).
On Monday I want to see the spy hold 433 breakout and then I'll be confident for a move higher to 439 or megaphone top...
Is this the end of the correction? The answer is, as long as we're under that bear megaphone you'll have to be bearish but pivoting when you see the spy bounce off crucial support is key to being a successful day trader.
catalyst to watch this week
Wed - Nonfarm payroll
Thurs - Sept job report
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.