Yesterday on the ES we saw a choppy day in the caution zone, so today we are still wary, looking for a break 1690-1700 area, with a retest and continued momentum to show conviction in any moves out of the top or bottom of that caution zone, currently it’s hugging the bottom of that caution zone. On the SPY yesterday we saw it break out of the bottom of the caution zone, reach the first short target, came back to retest it then move sideways between the zones. Today, as with the ES, we are looking for the SPY to break 169.33-170.50, with a restest and continued conviction for short target 168.20 or long target 171.02. GOOG yesterday held the bottom of the caution zone, then rejected the top of the caution zone, came back through the bottom in true ping-pong fashion, retested the bottom from below, rejected it and hit the first short target, stalled before going through to spend the rest of the day bobbing along below the second target. So today GOOG has retraced back into a level of congestion and the top of today’s caution zone (881.31-886.99). It’s a case of seeing GOOG can hold and the longs return. AAPL burst through to above our top long target of 492 yesterday, came back to test it, failed to hold and returned to move sideways along our other 483 zone. Now it’s in the middle of today’s caution zone at that 492 area again and we are still watching the 483, should it break out of the bottom of the caution zone at 490, or if the longs can hold yesterday’s conviction, we have a long target of 505.12 if they can break top of the caution at 497.50 and hold it.
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