SPY is putting together a very nice cup and handle pattern on the 5 minute chart.
I came into today with 100% cash on hand. I wasn’t sure if I’d eventually put any of that capital to use today, but once the market started basing a couple of hours into trading, I decided to start putting some of it to work.
So far I’ve purchased UPRO at $63.29 and it is quickly gaining steam.
On the daily chart, you have a nice doji candle forming with a strong bounce off of the lows of the day.
I wouldn’t be surprised to see this market finish green on the day.
Coming into today we were down five straight days – six days rarely happens, so a bounce today doesn’t surprise me much, though I am concerned with market direction going into next week with the Brexit vote looming large a week from today.
This market will be won by those who stay nimble and flexible in their trading. Home Runs are not your aim here – base hits are.