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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.

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.
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