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Back to school testing!

Monday, 22 August 2011 21:17

Volatility is still very high, but we are seeing tighter ranges and testing important support. Looking at the daily chart of the S&P 500 September futures today's action produced a DOJI candl signaling indecision in the markets. RSI is oversold and the MACD cross is looking better.

I traded aggressive this morning mostly to the long side but had a meeting and got flat before 11 am. My trader instincts tell me that tomorrow could be a great washout day, in other words big volume selloff early, followed by big volume rally to the end of the day, finishing on the day's highs.

I am long a very small position into the overnight session with most of my bulletts in my holster waiting for the perfect setup. Tomorrow can tell me a lot but I will not commit to the upside unless I have confirmation.