A modestly weak open was quickly bought to fill the opening gap. Despite strength in tech, the broader markets couldn't find any momentum because the $USD gained strength causing commodity prices to weaken. After the 10:00 turn, prices fell and printed lower lows. They tried to consolidate at Thursday/Friday lows, but failed as prices swooned to a partial gap fill at support from Wednesday's base.
The partial gap fill signaled a long entry on positive divergence of the RSI to lower prices as depicted on the 1 minute timeframe below.The rally off the lows was slow at first, but managed to retrace most of the day's range by EOD.
As you can see from the 15 minute chart above, we have strong resistance at $120.65 if we manage further gains tomorrow. That level held as support on a few tests last week, and will difficult to break through unless we have a catalyst. If GDP data provide an upside surprise, we could see higher prices ahead of FOMC minutes tomorrow afternoon. Otherwise, I would expect narrow range trade.
$USD and GLD are developing as planned.
Today's trades include AMZN which expanded after Friday's NRIB NR7 on the daily. Why can you take this trade on the open? The base at $165.00 is solid as it was tagged three times over the course of two previous sessions. If price breaks out, it will retest the base before failing, giving buyers a chance to scratch the trade, if it looks like a failed BO.
NTAP tested support on the open and bounced. No follow through in the afternoon.
FFIV - shallow retracement and held in upper range as markets corrected. A good long opportunity and daily BO at $128.00.
Back to my beloved Habs. We're up 2-0 against the Flyers, midway through the 2nd period.
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