Like I said, there are a lot of triangles, the Bollinger Band s are tight intraday on these triangles. As far as what Technical traders are looking for and they are already hugely bullish as we have seen by the sentiment indications, would be this...
Between the volume and the gap up (remember I already said earlier the SPY would be at the top of my list if I were to take a late day position based on signals once expiration open interest is thinned out as it is by this time in the day) we have what looks like a bull pennant/flag.
We have a very short term 2 min chart switch from negative to positive, but after that we are negative, so a quick move is what I'm looking for...
And the 5 min SPY is clearly negative, essentially looking to take advantage of a quick head fake move, it may allow a little wiggle room on short entries I want to take on any price strength.
If it turns out to be a trap in the other direction, I should be able to get out without too much damage.
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