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bulls getting tired, day of rest, or 1375 truly a strong point of resistance. anytime mkt tests the 1375, really no spike in volume.

take a look at 63.5 level, seems to be a key level longer term although 56.5 is a little bit stronger. just a thought.

looked at open interest on SPY options. on the call side size is located at 140 followed by 137, in between that range 139 and 138 about half. put side 135 followed by 136, with substantial increase at 132. not sure how to read that gap between 137 and 140, maybe because of that air gap...

above 75, lots of air up to 89. quarterly options expiration friday.

thx

what do u mean by that?

levels from yesterday. 61 wiped out. 68.25, 73, 75 if this keeps wiping out shorts.

agree. patience has always been one of my weaknesses. i keep bouncing back and forth between intraday and swing trading and just getting chopped up. have to stick to one thing, my brain is too old.

have no idea how much weight these trend lines have. i've been so off base as of late no telling what will happen. but i like your analysis and how it lines up with the attached image.

now that we broke 56.5, next is 61, 64, 68.25. 68.25 would be close to 30 pt intraday range. unless greece finds a trillion dollar treasure off the coast or bernake initiates QE3 and QE4 at the same time, i don't see us getting much past that point today.

not much normal mkt action as of late. i am getting better at disregarding news and just following price action.

not sure how useful the info is that i post but i post what is on my mind at any particular moment.

reread a book over the weekend that i have not touched since i started trading in 2007 full time. High Probability Trading by Marcel Link. was an eye opener when i read the section regarding over trading draw downs, and admitting when you are wrong. for anyone struggling right now like me...

no offense taken at all. i break rules all the time but starting to realize that if i want to make it, i have to follow my rules or don't take a trade.

ugh, that has been my problem for years. finally came to realize that if a trade is a day trade, take what i can get and forget about what i think the market will do. let price action do the talking.

went red last trade of the day. tried posting the image of screen shot, did not work. -163

:D

56.5 could potentially be next key level where stops are sitting. not saying we will get there today but just sharing what i am seeing. again not trading the larger time frames (not in trade currently) and i am seeing this on 120min chart. being low volume + friday, not much will get in the...

i agree. took me a long time to see this but in reality that is a market makers function. easy to see, hard to trade like market makers cause they see what we cannot see. guessing where stops rest is not as easy as it sounds. so u have to pick levels and have confidence to keep trades to...

JPM expected to report at 7am EST. should be some action on that release. looking at charts, might be enough to run stops at the 36 and 39 level before continuing the move down in the current channel. between those 2 levels would be a decent area to look for setup to go short with a stop...