All of the charts and commentary below are provided as information only and do not constitute a trade recommendation nor investment or trading advice. Any investments, trades, and/or speculations made in light of the ideas, opinions, and/or forecasts, expressed or implied herein, are committed at your own risk, financial or otherwise
Futures are higher this morning after yesterday’s very tight low volume trading range.
It appears we are triggering an inverse H&S after holding the VWAP from Thursday’s low yesterday. Let’s see if shorts who chased and played the H&S from Thursday and didn’t trade it correctly start to get nervous and cover, which could squeeze this thing higher.
The issue here is the swing highs and the trend resistance to compete with, so I plan to be very selective with long entries as chasing into these resistance levels can be dicey.
The SPY measured move is 209.42, so there is meat on the bone for this pattern we just want to trade it wisely with risk reward in mind. As we saw last week, pattern failures do happen, it is knowing what to do when they do that makes patterns so great.
That’s the plan. Now we must execute and profit!
Have a good day of trading.
If you would like this report by email, please send an email to [email protected]