If SPY Sustains an Opening Range Breakout, Price Target is $321.50. Look for resistance at 321.23 which is the overnight high (pink line). The overnight selloff helped to reset the RSI Candles which are showing hidden divergence, a bullish continuation pattern.
For the first time in 4 days, SPY has hit the 5 minute opening range extension of the OR High + 60 cents. This is the cyan line on my custom indicator. Will SPY continue higher? I'll be watching price action plus my custom RSI Candle indicator at the bottom. As you can see, this price move up has put the RSI High above the 70 level. The Hull Moving Average on...
SPY is now on the 3rd day of failing to hit the 5 minute opening range extension (60 cents above or below the OR). This is very unusual and could be a sign of a big breakout coming.
The bulls have failed to take back 4900, and the sellers are unrelenting. The market is too weak to break the pattern of lower highs. After the lower high being formed on last Thursday, it is merely a matter of time to see a lower low to print. The Monday's trading is crucial in shaping up the last week of trading by setting up an opening range. If the opening...
With the market trading in a narrow channel for days now, the time was ripe for a strong move. The key support of the Daily Pivot Range and Opening Range provides the bias to the upside with price holding above this support. What gives this trade even more catalyst is the narrowness of the Pivot and Opening ranges. With the new session opening with another set...
According to our rules the market is in the neutral zone where the price is trading within the Opening Range bands and the Pivot Range, both of which are overlapping. When this occurs after an A trade, in this case a failed A down trade, the bias then shifts to neutral.
Intraday bias has shifted to the short side due to price trading below or at the C value line for 15 minutes, half our opening range.