September 14

SPY is up unchanged

Today I will post without any reference to accumulators/delineators due to technical problems.

9:30 SPY has opened higher by 20 cents. The levels of resistance are just as close as the levels of support.

9:35 The vertical spread from the last Friday is doing great - market remained unchanged over the weekend and all that premium got burned.

9:36 Decent size on the first 30-minute bar of SPY, pretty much all down for the first 5-6 minutes.

9:39 A relatively sharp decline in regards to time. Morning fader could be an opportunity.

9:44 A slight morning reversal got faded quickly, testing the lows again.

9:46 New lows. I wouldn't be fading this move until we see some consolidation, looks pretty weak as of now.

9:49 Retraces half of yesterday's range, looks more appealing now, especially given the time.

9:50 Breaks below mid-point of yesterday.

9:51 Extension which got cancelled by buying force. Speculative fader opened, 6 calls.

9:53 I tend to think that this is just Monday morning weakness - but it could test previous support level..

9:56 Further consolidation, looks better...

10:01 Upside test. 

10:02 Strong 3-bar momentum, close above resistance. Looking at mid-point as for the next important level.

10:03 I would bet on new highs today, but the ideal scenario would be: range-bound until 11:45-12:15, with breakout and trend afterwards.

10:08 Further breakouts higher. Strong upside demand.

10:13 Some consolidation within 9 cents of the middle. Tests resistance.

10:14 Pretty low trade rates, as I look at /ES. Boring.

10:15 Another 1-min extension, price just tested the middle.

10:16 Breaks middle, still strong upside momentum.

10:17 Whether or not we would close at 10:30 above the mid-point of the previous 30-min bar is key.

10:25 Retracement below, and another upside test of the middle.

UPDATE 10:30 Price failed to close above the middle of the previous half-hour bar. There is some momentum after retracement, but I would imagine that the lows could still be tested. Another small spec position, previous break-even - 10 contracts.

10:55 Continued consolidation below the middle level. Might test previous support level shortly.

11:00 Some bursts of buying into the higher low. The ranges are relatively squeezed - 60-minute swing points could be a great play today.

11:10 A lower high in an upside test, getting squeezed more.

11:17 Extension down, tests support.

11:23 Incredibly tight range and we are testing down now.

11:31 Breaks down to lower ranges. 

11:38 Test of the lows, bounce.