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Chart of the day: Short term setup in S&P 500 (6/5/15)

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  • Yesterday’s moderately strong downtrend came within higher timeframe consolidation. This is still a market primed for a stronger trend move. Do not fade a break above or below key levels on the daily chart.
  • Fridays can generate some strong trending action ahead of the weekend. Do not get caught fading trends in the second half of the day.
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AdamHGrimes

Adam Grimes has over two decades of experience in the industry as a trader, analyst and system developer. The author of a best-selling trading book, he has traded for his own account, for a top prop firm, and spent several years at the New York Mercantile Exchange. He focuses on the intersection of quantitative analysis and discretionary trading, and has a talent for teaching and helping traders find their own way in the market.