Dear traders,
Market is not far from another stronger resistance area. For DIA that is daily 200sma and for SPY it is weekly 50sma and after that daily 200sma. I don’t know if indices will have strength for that, but for now pace suggest that SPY will see 127.62 areas what daily 200sma resistance area is. Anyway I want to say since indices is not far from resistance risk will increase and I will look for smaller and smaller time frame setup for long trades. On the other side I’m looking weak charts like JOE and I think that if market strength will stop that JOE could break down and see all time low. In trading room we will be focused on same ideas and on the morning I will look for possible 5/15 min setups and after doldrums time focus will be on 15 min time frame setups for long side if market will hold. When market come closer or reach technical support or resistance area then it is best to find own way chart and I think that JOE could be one of them. DECK is also candidate but I’m not ready at this moment to use bigger daily stop to confirm that
If anyone will have any question please feel free to contact me and I wish you all great trading day
Kind regards
Ivica
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