Little motion and no new tactical information [yesterday]. Market is still consolidating and still in breakout mode: expect sharp continuation once the consolidation is decisively broken.
The edge is still for an upside breakout. Intraday, selloffs are bought with conviction. Though the probabilities tilt toward the upside, respect the potential for a selloff. A breakdown could lead to a sharp and vicious 2-3 day shakeout that could offer good opportunity to nimble short-term traders.
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.