ES_F has two areas which would shake things up — through new highs or first trend-line test near 1300. We’d be buyers of FIRST test of trend-line.
The second more major trend-line is near 1230. We hope it doesn’t get there but technically market is still in an uptrend as long as the major trend-line holds.
OIH is one of our favorite ETFs to trade — and it’s a complete mess right now. We’ll probably have some shorts set-up in this sector soon and nothing long until 136 area.
AAPL also is one of our favorite tells – two big levels are the trend-line break which is fast fading, and 316 support. Nothing in the middle interests us too much. Special kudos to @gtotoy for his post earnings short in the stock.
SLV is a complete muddy mess — again no interest here until at least first test of 30 (and then 28).
And here’s the game-changer, the USD. Extended market, very oversold dollar — prepare for a trading range stuck in congestion.
One of the keys to survival as a trader is hitting it hard when you have an edge and then retreating to a more passive state when you don’t. As always we’ll take scalps here and there but we would need to break out of the recent range for us to take on any trades with substantial size.