Hi Everyone
The constructive price action has continued on the major indices in a minor way, but there is mooted OVI follow through. The OVI is still mildly positive on the QQQQ, and neutral on the S&P. The respective breakouts in the indices have occurred with unspectacular volume, nevertheless, they did break out.
GS is forming a very interesting cup and handle right now – a clean breakout past $152 would be a trigger.
As I suggested before, if you’re on the long side (and you’re entitled to be if you’re sticking to the rules of “Trade What You See”, I’d recommend tight stops, taking early profits and watching your trades closely if possible. Things could change at any time and you don’t want to get caught out if they do.
Remember, having an opinion can be dangerous in trading. You must have a plan and stick to it unless there are extreme circumstances. Right now we’re seeing constructive patterns albeit without big volume or compelling OVI …
