FAS carved out a flat base as it consolidated early strength through a series of higher lows. The third test of resistance is usually the BO. Since the market is overbought, trade it conservatively. Here I placed my fibs from the ORL to the base to calculate my measured move target of 100%.
CLF moved into resistance and is extremely overbought after last week's run. Still, it spent most of the session grinding higher. Finally near the end of the day, it failed to hold R1, setting up a quick short into the close.
HGSI triggered in early trade on an analyst upgrade, but failed to follow through.
The SPY ambush strategy, discussed in last night's post is still in play. The ORH was the HOD, followed by low volume chop and a weak close ripens the setup for tomorrow.
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