As i said yesterday, it was a tinderbox situation. The powder just had to be lit. When the hourly EMAs are as flat as my abs, the risk/reward becomes even on both the sides. That's why i hate those situations. I would rather take a trade when the EMAs are moving up or down.Having said that, i will be looking for daytrades in the direction of the hourly trend which is up for now, when i get a good setup.
This move looks like a headfake, but that's what the final leg up is supposed to look like. I think the market will rally with poor breadth and volume with the shorts fighting all the way up. I will better be a bit late and let the downtrend establish itself again before jumping on the short side. Me thinks SPX 1285-1290 is in the cards. If the hourly turns down here anytime, i will be quick as lightining to change my bias and join the shorts. Until then, long is my song...
Look at how nicely they created the zero line reversal on the CCI(14).
My preferred scenario for tommorow is probably a gap up and then come down retest the 1274-1275 on ES (1264-1265 on SPX) and then take off to the upside. If SPX 1261 is broken kiss a goodbye to the uptrend.
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