In my haste to get the note published before the market opened (thanks, cat), I neglected to add my trading bias for the day; I started doing this just in the past couple of days in case anyone visits this blog but doesn't want to read through a page of what likely sounds like gibberish. Here is today's:
Yesterday was likely a multi-day high and possibly the overdue multi-week high. While I do not expect a deep correction, it should certainly be a tradeable one. My preference would be to wait for a bounce from the session low due just after the open, perhaps for a bounce to the green 3Hr MA (in the 1350 area in the S&P e-mini futures). If we are on the downside of the MW cycle, this may be the extent of the bounce we see out of the session low before a trend-down day for the market.
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