Pockets of trading opportunity today but you need to work hard for them.
The gap lower, reduced the profit potential move to the average true range of many stocks. Accepting risk made less sense as the day wore on. We saw this scenario in the afternoon as stocks hit their selling threshold and slowly drifted higher.
Stock Trading Recap Video 9 22 15
End of Day S&P 500 Map 9.22.15
The SPY formed another doji candlestick today.
Today’s gap lower was the price action we expected yesterday. Took a little steam out of the short-sale opportunity.
Anticipating a flat open tomorrow and trend lower.
SPY End of Day Chart 9.22.15