This feels like pretty typical Friday Op-Ex pin action.
These 4 charts are the gist of my concern with early entries so far....
The QQQ 1 min with a nice breakdown divergence yesterday, but the flat range is bothersome intraday.
A closer look at the same chart, it's small, but positive intraday
The SPY 1 min "looks" like a break lower intraday is setting up, but I think it's pin behavior.
The 5 min is trying to hold it together and possibly lift it.
This could make for great entry conditions, but I want a firmer grip on it.
I'll probably close the Q puts soon, still deciding on that one.
Is interest rates about to start going up?
-
Yes, I know - it does not make any sense - FED is about to cut
rates...but....real world interest rates are not always what FED wants it
to be.
5 years ago
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