The “Trading RM" oscillator is still on the downtrend line, fell off a little today b/c the trading was so slow. Unless something dramatic happens tomorrow, looking for the more of the same. Trading RM believes being patient is appropriate.
“Future(s)” gapped down a little and had a little continuation. Market tried to pop, but met resistance.Not too much action in either direction. Looking for futures to test the downside more. 3 of the last 5 times we have seen this kind of action in the futures, the next day started to the downside.
“Range” was intra-day was less than the recent moving average around 10, including overnight futures, range was double. Market couldn’t close at higher again, thus expecting the range to increase with another test of lows, any push higher could be more range bound.
“Going Big” was almost 2:1 weighted with downside percentage when compared to upside like Trading RM expected last night. Recent history shows us more downside divergence is likely.
“Gap DaP” was very slow today, straight move down after a small gap, but nothing registering any momentum. Recent history shows us a flat open with some downside pressure is likely.
Today had very selective trading opportunities; money is there for the taking, be ready for the aggressive days, they will come.
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