{"id":255,"date":"2008-12-12T08:39:53","date_gmt":"2008-12-12T13:39:53","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=255"},"modified":"2008-12-12T08:39:53","modified_gmt":"2008-12-12T13:39:53","slug":"trade-with-the-break","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/trade-with-the-break","title":{"rendered":"Trade With The Break"},"content":{"rendered":"

For the past few days the SPY’s were trading in a fairly tight and narrowing range.\u00a0 Traders were waiting for them to breakout from their narrowing range.\u00a0 Yesterday afternoon the sellers overwhelmed the buyers causing a break to the downside.\u00a0 The 89 support level was broken with force.\u00a0 In after hours action the SPY’s traded down an additional 2+ points.\u00a0 This morning they are 1 point below yesterday’s after market action.\u00a0 My bias is short now.\u00a0 This doesn’t mean that I will indiscriminately hit the bids on the Open.\u00a0 I will look for inflection points to develop and trade with a short bias off of those points.<\/p>\n

If the market attempts to bounce I will look at 85 and 85.85 as potential resistance.\u00a0 84 is potential support but the force of the downside momentum in the past 18 hours leads me to believe we could have a significant move below 84.<\/p>\n

Intraday Chart in the SPYs<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

For the past few days the SPY’s were trading in a fairly tight and narrowing range.\u00a0 Traders were waiting for them to breakout from their narrowing range.\u00a0 Yesterday afternoon the sellers overwhelmed the buyers causing a break to the downside.\u00a0 The 89 support level was broken with force.\u00a0 In after hours action the SPY’s traded down an additional 2+ points.\u00a0 … Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,15],"tags":[143,18,38],"class_list":["post-255","post","type-post","status-publish","format-standard","hentry","category-steven_spencer_steves_blogs","category-trading_theory","tag-equities","tag-smb-capital","tag-trading","no-post-thumbnail"],"yoast_head":"\nTrade With The Break | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/trade-with-the-break\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trade With The Break | SMB Training\" \/>\n<meta property=\"og:description\" content=\"For the past few days the SPY’s were trading in a fairly tight and narrowing range.\u00a0 Traders were waiting for them to breakout from their narrowing range.\u00a0 Yesterday afternoon the sellers overwhelmed the buyers causing a break to the downside.\u00a0 The 89 support level was broken with force.\u00a0 In after hours action the SPY’s traded down an additional 2+ points.\u00a0 ... 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