More on this later. In a rush right now. Biglot on the eventual retest of the OH. Here is the chart…
UPDATE: OK, better late than never. Actually I just forgot. Not much else to say other than that given the strength of that line from the high 60s through the low 70s that was once support, it doesn’t surprise me we couldn’t break through. That said I’m not sure the break through the lows later in the day is as bearish as it seems. 52 still may re-establish as support and we just have to see what the probe down to the tail of the interim low behaves like. I still have a sense that it may hold even if it fails slightly in the short run. Reports from lots of big position traders continue to come in with lots of upside bias. We shall see. In sum, today was pretty cut and dried for the morning session. You just had to stay out of trading the first push up which wasn’t high enough to test the true highs. From there it was a no-brainer. The 64 handle which was the gap fill trade was pretty textbook too although there was nothing set up that interested us there except a simple tick scalp on the first push into it. See you in the morning…
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