Interesting little peak at the SPY close

 This is the SPY (green) v. the Euro, this is the intraday support or room for arbitrage that could allow the market to lift a bit, the point is the $USD on an intraday basis, is not blocking the SPY from moving higher and the SPY moved off its intraday lows to recover nearly 50% of the sell off from the open, not too bad for an hour and a half.

 The volume off the intraday low is curious.

 While the SPY 5 min positive divergence intraday is a bit bigger than this, note the area in which it went positive, at the intraday lows and again just before price and volume ticked up.

This is what a $140 pin would look like, you have to keep in mind transaction costs and options premiums so a clean $140 is not absolutely necessary. A move from here of +1.5% would do the trick and put us in the area of the area of max pain for options contracts. It would also set up a new bounce high and that would complete the emotional effect that started the entire idea of the bounce on April 10th and that was BEFORE 3C gave us confirmation that a bounce was likely. If I was running this bounce, this would be my ideal situation, of course I can't know everything these people know, but from what I see, this would give the best result, traders would be emotionally wrecked and with today's close, we also have a Harami reversal pattern confirmed. For candlestick traders, that move would through them in to a tail spin as well.

Is a +1.5% move possible in this market's volatility? Yes, we've already had two over the last 6 days. One last thing, take a look at the structure of the bounce since the local lows of April 10th, a small day up, a large day up and through resistance (longs likely wold have chased the breakout), a decent day down below support (longs would have likely sold and shorts would have come in), another smaller day down (making shorts comfortable, maybe adding), then a blast right back through resistance (longs are interested again, shorts are scared), an inside day (most probably expecting a big break down), an open today above resistance and a close below it. Now if that isn't a crazy volatile, tree-shaking bounce, I don't know what is. Thus far we are higher than April 10th and achieved several of the moves we were looking for.

So as I summed up the market in the last few posts, maybe I'm wrong about tomorrow, but since April 10th with all of that volatility, I think we've managed the chaos pretty well. It's time to start looking for the exits and in my opinion, a strong move up tomorrow would be an ideal time to look to move out the exit with positions in hand.

Congratulations to our long term member Allan who collected a pay day on the HGSI trade. I can only give analysis and show you what my indicators are showing, from there, I can't manage your trades, that's up to you and Allan did a fantastic job, he saw the bigger picture, he was patient and it paid off with a 1-day 100% move in HGSI, which made my day to hear someone caught that whopper.

I've been getting a lot of emails from members who are really progressing (by their own words and from what I have seen). I know we aren't going to get every move right, but there are some concepts and trends we have been noticing and using to our advantage and I'm very pleased to see members doing well, learning from mistakes, learning from the market and applying all of this to each of your individual trading styles.

As I said the other day, we have a great group of people and I'm really proud of all of you-wherever you are on your journey.