SPX500: Momentum/ Value Distribution
In my previous posts I did not recommend short swing positions above 2400. The primary momentum is still insanely strong and it takes time to turn the ship around. It's not the end of the world yet - I just walked outside and checked. The fireworks will go up on the 4th.
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Since the beginning of this month SPX has been trying to reestablish the value zone. As of today it's still in the same range although some weakness has been shown.
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My version of the Holy Grail is finding HOD ad LOD each day. I think the most helpful tool/indicator for those intraday extreme points is 1hr chart. This is where I see the value of cooperation with other traders - in establishing those two points. Everything else is entertainment which is very useful as well.
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This last very long bar on 1 hr ES is likely an exhaustion bar where the remaining shorts gave up. 2436 is also strong resistance on ES. I'm voting for an HOD around here. There's now a volume imbalance again. Too much buying/ buying back.
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Sorry if I offended someone - just some passionate arguing for the common good. I know nothing. I'm off to the pond.
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