Is it even worth trading when in the opening range? Is it worth fading a move to the top of the range and playing it failing back to the middle, or shorting hoping every long gives up and it goes back to the lows? Today it went up within 2pts of the high of the opening range before going down to test the bottom and break through to the 1099-1998.50. It didn't last but a bar and it returned right back to 3104 area. Thanks for playing.
The China trade deal is definitely part of the trade. Congress passing a bill putting conditions on China in Hong Kong isn't helping matters. There is also news of two U.S. Navy ships reminding China that we are around the area too. Oh, and the impeachment drams, and the Democrats deciding on who will take on Trump. Lately it seems like programs are trading news, and nothing else. Until then any down move once it stops is met by strong buying and some days that is just enough to make shorting a disaster. Too much of the Fed in the market. It is a one side trade...for now. Fighting the tape everyday makes for a long week.
Sorry for the crappy charts, just for my own thought purposes.
S&P 500 Index
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