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As wild and crazy as today seemed inclusive of the overnight session it was all rather technical (I honestly hate it when people say that but it is true here). Yesterday was an inside day which came after a massive “mother bar.” Early in the overnight session (long before the recycled China comments) we got a look above and fail of yesterday’s high which triggered weakness (a short opportunity) and targeted yesterday’s low. Once yesterday’s low was lost, the max target was Friday’s low.
I only had a few minutes for last night’s plan as my flight home was diverted and that’s really all that was needed.
Yesterday’s cash hours high and low in blue, and Friday’s cash hours low in White:
We are still well inside of Friday’s range and as a result continue to see two-way trading.
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