Daily Recap: SPY did not open today with a gap up, which is refreshing, and although it made a new high it immediately started correcting, but not in a convincing way. In my opinion the correction so far looks like a consolidation before another move higher, so if SPY does not gap down in the morning and continues down (contrary to gap down and then up all day) I would bet we have at least another high before a major correction.
Battle Plan for the 9/12/2013
60 Min short signal under 168.48
120 min short under 168.1
* Stop loss lines should be triggered if there is an interval close above them (i.e. 60 min or 120 min ), they are published in the daily blog and updated during trading hours on twitter.
* Take profit lines should be triggered immediately when crossed, they are usually issued during the trading day on twitter.
* Entry signals should be triggered when crossed, but take into account that until there is a confirmation (i.e. close of the interval across the entry signal) , the signal can become a reversal signal.
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