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The intraday symmetrical triangle on the SPY that I discussed in my last post looks like it is morphing into some other sluggish pattern, which pretty well fits into the theme of the current market. As an aside, when you see a symmetrical triangle where price takes too long to work through the apex, it tends to either outright fail or morph into another pattern. In many respects, this market reminds me of a bumper car game, but without the fun and excitement. Bears and bulls are ramming into each other all day (and night, with the futures), but both sides are reaping little in the way of rewards.
There continues to be a great deal of apathy amongst traders, and the price action has taken on a lethargic feel to it with no sense of urgency. However, the great thing about the market is how dynamic it is, and that apathy can change in a New York minute. Hence, as tempting as it is to close up shop and walk away from the market indefinitely, I have found over the years that continuing to stalk stocks and analyze the action, even if you are not trading, makes you more cognizant of how the market is flowing if and when it improves.
One thing is for sure, though. If you are trying to aggressively day trade each twist and turn in this type of a market, those HFT robots are going to hunt you, and your stops, down…
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And the winner is …………….. my broker!!