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The most important chart for direction today is the SPX 60min chart. SPX bounced at short term channel support on Tuesday and has been sort of crawling up it since. If it gaps under it at the open, which looks likely, then we might see a retest but the chances are that it would follow through on the downside soon. I'd be expecting a retest of the 1440 pivot today or tomorrow:
Market is showing a respectable bounce – in essence it is attempting to stop the minor bleeding over the past couple of days. Overall the pullback had little to no volume compared to the run up, and selling was in a very orderly fashion (no fear at all).
I'm looking to add one more trade to the portfolio outside of the one I took this morning in PNR, and right now IACI is at the top of the list.
As always because traders come in all sizes and strategies, I still provide a short setup in case I'm wrong in my bullish thesis for others to take if they so choose to do. This go around, it is ASML which is breaking down nicely off of a (rough) head and shoulders price pattern.
Here's today's Lazy Trades:
LONG: Interactive Corp (IACI)
SHORT: ASML Holdings (ASML)
Originally published on TheTechTrader.com.
