Day traders and swing traders alike are looking for a catalyst.
We are waiting with fingers on the keyboard for a reason to be aggressive. A breakout and two day consolidation in the SPY set up perfectly for a bullish day and a test of the $205 resistance level.
The first two hours of the trading day were a thing of beauty. Exactly according to script. Then the buyers apparently had somewhere better to be. Selling arrived early ahead of the JPM earnings after the close.
Our morning game plan stated we had a chance to retrace to the $200 level. I have to be honest I didn’t expect it to be in one day or today.
Perhaps the tone is set for the financials. Tomorrow’s open will tell us a lot.
Stock Trading Recap 10-13-15 | Tuesday Video
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End of Day S&P 500 Map 10.13.15
S&P 500 heat map looks neutral but it is deceiving. Most stocks had a bullish morning only to give it back after 11am.
SPY End of Day Chart 10.13.15