Here's a small lesson/review on why I covered at 670.9 earlier today and managed to avoid a boring market.
Channel support is why I covered in the morning and avoided the boring consolidation day
5min chart. See the slight break of channel line? It's a bear trap, next chart for explanation.
A slight break of an important channel support along with low RSI and bullish divergence on 1min chart showcases the requirements of a bear trap so I figured a rebound was imminent. It's all about vs reward, by covering at 670.9, I managed to avoid the rest of the flat day.
Tomorrow
Market (SPY + AAPL) should consolidate for the first half of the day 9:30-12:30, then if we get lucky we shall see some real direction.
-Red Apple
