Range Bound Price Action

Afternoon Scoop

Up up up… and down down down. Not a whole lot going on from what I can see. Let’s take a quick dive and see what we had going on today.

Market Review

SPY futures 60 minute chart

If we zoom in to the 60 minute chart on SPY futures we can see we rebounded back into the previous range we have been in.

This still makes trading conditions tough, we have no direction. We get moves up and then we come back to previous levels.

Nothing to get excited about still, no confirmations either up or down.

Trade Ideas

META Daily chart

META did not give us any confirmation today. It got rejected right at the 8 day M.A and stayed within the wedge.

This still doesn’t look ready to go yet. I’d still prefer to see a move above that moving average or above $170

Will keep an eye on it but have not placed a trade on this.

Daily Wrap-up

Even though I was not in front of a computer today paying attention to the charts all day, It doesn’t appear I missed much. Price got back into the chop zone, made it to the top of the channel, and promptly came back down. This market requires patience and being selective. It’s all about protecting your capital first, can’t trade without it.

That’s all for tonight, I’ll be on the road again in the morning, I’ll monitor futures as always and send the morning Scoop🍦see you there!

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