Morning Update

Have a look at my recorded market analysis broken up into two videos. In the second video, price reached a key level on my charts and I entered a trade while making the video.







FYI, I exited half of my ES Long Position at $1174.25. Tentative target for the second half is $1178.50 and a break even stop at $1172.25.

Potential Buying Opportunity or Scalp Play?

We are watching a nice drop in the market this morning with SPY moving down more than 1.7% in early trading. We are seeing what could be minor support now at $109.35. I look to see SPY break through this support to move a little lower. I will be looking to buy at potential lows for the day between $108.95 and $109 for a nice Scalp play. Depending on your risk to reward, you could put anywhere from a .10c stop to a .35c stop. Look for potential gains of .70c on this play.

Notice the increase in volume today as we have the first significant down day this month. The fact that we have higher volume when stocks are selling off shows strength for the bears.

Sell SPY at $104.70

Made it as high as $104.92, which still would have been a nice scalp play for a .25c gain. However, held out for slightly higher gains. When the price headed back down towards my entry point, I decided to exit the position  rather than risk taking a loss here.

Buy SPY $104.67

Had a limit to Buy at the GAP Fill to try for a quick scalp play to close out the day