Price Action Being Tested

Price action tested by both the buyers and the sellers, use extreme caution.  Friday the SPY closed below the lower MegaPhone line (Bearish clue) and above our Red Green Line (Bullish clue). With the political trash, today’s market should be pretty screwed up. The DIA’s have posted three lower highs (Bearish clue), Friday the DIA’s closed below the Red Green line (Bearish clue) and above the March low (Consolidation clue). IWM closed below the RED Green line (Bearish clue) and below the March low (Bearish clue). The QQQ’s are in a Bullish trend, and Friday’s candle suggests a lower low today. As I said screwed up! Sure glad we follower our Friday rule and closed a few positions to be lighter going into the weekend. As I approach the trading week, it will be with extreme caution, a few longs and shorts always remembering that cash is a position if the market gets too unruly. Something to always remember being a swing trader is that you don’t have to trade every day and sitting in cash for a day or two is ok.

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