the tale of 3 markets & a trade I put on today
$SPY we kicked off the session with a gap above some key near term resistance (202) that has been keeping a lid on price for the past few sessions. The bulls ran it higher for first hour of the day right into an area of anticipated resistance around 204. As the upside momentum starts to wobble a bit here, my real interest is how we close the day. Can the bulls hold onto this gap and close near the highs of the session, or is this as far as the pop will go before heading lower back into the range? Eyes on the close.
$IBB while the indices float higher testing resistance levels we have a very key sector of the market breaking down from a multi-week rising channel. The biotechs have been the leaders in this tape for some time and today they are showing very clear signs of lagging. One day doesn’t make a trend, but keep an eye on this index into the bell to see if we’re finally getting some rotation out of these names.
$EWA here’s a market I’ve had on watch for some time as price carved out a very flat horizontal channel. 22.40 was the breakout level I’ve been waiting for and today we came into the day with a gap above that level and we continue to push higher nicely throughout the morning session. I am long from 22.49 and looking for higher prices.
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