TREND? WHAT TREND?

[09:17] <Chartmaster> today looking like a sell off day

IT worked for a while.  But in the final analysis, all the runs and PB's went in a circle and returned to the opening range.  Some early A.M. trades took advantage of the failed breakout above the pre-open sideways action.

  A secondary pullback was an acceptable entry, and we took it to end the early morning trading.


By mid day, a descending triangle was noted, suggesting the downward bias would continue.  It had a strong resistance at 1327.5, and the first break failed.

[12:59] <Chartmaster> nice triple hit on 27.25-27.5  support   10am 11 1  +/- few mins
[13:01] <Chartmaster> issue: the second hit bull run was to lower high from 1st  suggesting a down channel


The 5t pullback was the entry for that trade around 1328.5.

[13:53] <Chartmaster> that 5t was clue to next move  trapped initial bo shorts

Never like saying done, although I do.  The market will telegraph additional opportunities, and unless it is Friday, "done" is a hard thing to do.  At 26.5-26.75, 3 points in a flat day is worth taking.

[15:35] <Chartmaster> dn from  recent high good time for eod bulls to upset shorts run price higher
[15:36] <Chartmaster> 29-29.5  close target

1329.25.  Close enough.