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I was not at the desk because it was fomc day
Nice liquidation break taking out many laggard buyers
This happens over and over again in the markets and is not bearish at all
Now we have to see if can hold the breakout of the previous multi day balance
News
ISM at 10 (typical shake out time)
aapl, amzn and meta after the close !!!
Condition fomc liquidation puts the daily back in Balance
Thoughts
We have to see if we develop a low of that potential balance area
Give the important earnings after the close this low is not decided today. Go for smaller trades
What to stay away from
Do not go for the big intraday swings (better go for scalps)
Todays direction is a blackbox. Do not be too anticipative. Let inflections develop
News
we had big tech earnings yesterday (brought the market higher and made it look above the h of balance area)
we had nfp this morning (brought it back near rth h)
Condition
The market is in a two week balance area
could be volatile and wild given many influences
The tendency is up because we just made a nice inflection below us on the daily
What to stay away from
do not get pushed around by wild action
wait for a clear idea
do not act pushy
We had a nice little break directly after the rth open
We filled the gap, ticked in the previous rth range and immideately got rejected and never came back
Scaled one out in c-period, the other 2 at overnight high