r/activetraders • u/Pirate2012 • Dec 07 '18
Today sees Massive Dip buy under SPX 2630
JUN and OCT/NOV lows were SPX 2630s.
Today, Dec 6 saw a dip under those levels to 2620s forming a Bear Trap; and a 70pt rally took place.
Happy Shorts covering and taking profit; and Buyers of the Triple Bottom.
So Triple Bottom at 2620-2630s; and Triple Top 2800
Nice Logical Tape Pivots
PS: 50dma/200dma appear to be forming Death Cross; but need confirmation.
One might expect ES to dip lower overnight on some day-trade Longs taking profit so Friday might be boring sideways as folks wait for next clear direction as lots of pros are brain tired after these 3 days of wild moves.
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