Potential breadth overbought condition in place. A pullback from here on daily is likely.
High prob. for a tag of pivot today.
So a low risk play today is to look for a top in 10 am slot.
10 am slot trend hour – more upside still.
If R1 acts a resistance, PP in play.
Today is a prime example of event shock. The pending home sales # has been delayed from 10 am to 12:30 pm. That alone modified the regular behaviour for at least a group of traders who expect to act on the moves created by the news. Other traders who are not aware of the delay would assume the market has already reacted to the news and making wrong conclusions in their analysis.
NQ being pressed below previous day close, weaker relative to ES.
Fun ride down now =P
ORL tagged. Price should stay below ORH for the down move to continue.
Staying below previous day high is even better as the momentum will be stronger for a push towards S1.
One tick below OR low bounce back with miniature higher low buy formation.
Beware of the 12:30 #
Picture perfect ORH + VWAP test.
ORH breached again. NQ tagging previous day close.
ES sitting at absolute neutral zone.
Fed Chair going to speak by 2 pm.