Friday presented with a choppy start, winding up 8.75 points for the day. With only .88M contracts traded, lower than normal volume made this seem incredibly slow, though compared to the "Rocket Day" most action would seem reserved. The internals are pointing down, so maybe this is the start of a longer term top. I'll still trade the long side but something is off, seems like we could get a selloff any second... I started the day with a breakeven at 1, then followed up with a profitable short trade at 2, with a perfect exit being right at the next support (first red circle) Once this looked like the sell-off was over for the day, a perfect, "by the book" entry long at 3 (page 27 and 28) and again profits taken at the resistance level (next red circle). That was enough for me for the day but there was another decent short entry at 4, but the strength kept us from getting more than a couple of points if we were quick to cover. One more nice entry long in the afternoon at 5 "by the book" (page 29 to be exact) and you were rewarded with 4 more points if you were patient enough to still be trading (Good for you!)... Overall a nice day and reading the S/R levels kept us on the right side of the market and pointed to the profit taking areas as well. ...Again, our S/R levels were right on the button! Hope you all had a great day and got a piece of it!
Good Trades -Joe
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"Trader Joe" trades the Emini S&P exclusively and is the main influence behind EminEdge.com.
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