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Chart of the day: S&P 500 short term setup (6/4/15)

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  • This is still a market seeking a catalyst, though bullish factors continue to accumulate. Look for a strong rally above the 2121-2124 level; do not fade a breakout that holds above that level.
  • After several days in a large consolidation area, there is a higher probability of a trend today. Do not expect a sharp, clean trend, but a strong morning rally could set the stage for continuation throughout the trading 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.