The early hold of SPY R1 on the gap and immediate influx of powerful tick action was a strong portent of trend day action. We have now cleared the 23% extension of the Summer trading range, putting the mid-May bounce levels into target play. Not a day for short-scalps until and unless we see a dramatic change in tick distribution.

Related posts:

  1. 03.23.09 – Powerful Trend Day
  2. 04.29.10 – Powerful Internals
  3. 07.07.10 – Trend Day
  4. 12.10.08 – Characteristic Trend Day?
  5. 10.05.09 – Smells Like Trend-Day Spirit