iBankCoin
Full-time stock trader. Follow me here and on 12631
Joined Apr 1, 2010
8,861 Blog Posts

Intraday Look and Analysis: Delayed in Getting It

On Friday during the trading session, I note an intraday bear flag forming. Not long after I published that post, the market popped up and out of the bear flag pattern, putting shorts in a very tough spot. Of course, the move turned out to be nothing more than another head fake hell-bent on trapping/shaking out as many traders as possible. As you can see on the 15-munute SPY chart below, this morning the bears followed-through to the downside from Thursday’s selling, in spite of Friday’s respite or delay.

Unlike Thursday, though, today we have seen not a steady push lower all session, but instead a huge opening gap lower followed by ┬áseveral weak bounce attempts. Either way, the bears once again have the initiative and it is theirs to lose in the short-term. However, cracking below 1306/7 on the S&P 500 is going to be the real test if we are going to see a major leg lower instead of the usual “three steps forward, four steps back, etc.” type of summer trading chop.

Also note on this 15-minute timeframe that the 20 and 50 period moving averages are guiding price lower and acting as resistance. Watch them.

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12 comments

  1. Yogi and Boo Boo
    Yogi and Boo Boo

    initiative “A” game right? ­čśë

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  2. Eithan

    notice oil stocks here top pick APA bullish volume on the daily

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  3. jason

    I think we go up from here. I am long aud/usd and oil futures

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  4. kmoney01

    chess, love you stuff. can I make a suggestion for your daily video. I would be interested to know how the euro markets are doing similar to your daily recaps on $spy. Just a thought, not sure if TA works on euro markets

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    • chessNwine

      TA does work on euro market. I am just usually pressed for time. Thanks. I will try to work it in whenI can but I have to focus on U.S. mkt as most trade just them.

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  5. jason

    Chess, I have always been really happy with your posts and have been thinking about joining 12631. I currently trade mainly commodity, currency, and index futures. I do not trade corporate equities very often. Given what I have just said, do you think I would still benefit from your service and how please? Thanks a lot for all your hard work

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    • chessNwine

      Thanks, jason. I believe you would benefit because we have such a vast community of traders who trade different markets with different styles. I try to incorporate as much into my analysis when I can.

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  6. dominator

    I won’t be buying equities and I won’t be buying Vermont syrup anytime soon.
    As always, thanks for your analysis.

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