(See Above) Monday the market opened up with an inside bar after a 6 day run-up from last week. With the market being up at all time highs and extremely overbought the general bias was to the downside but the selling wasn’t ready to begin and the market stayed in a relatively tight churn range throughout the entire session. The Buyers attempted numerous times during the day to get something stated the upside but every single time they were halted at 2162.00. The System got us long 4 separate times on each of these breakout attempts and all 4 fizzled. The Longs were strong in spirit and stick-ti.. but weak in Mojo. Today there was just enough momentum to get us into trades, but not enough for any sizable follow-through. You can see the traction we experienced was extremely light today. Most traders ended up at Break-even or with a small loss today. Every trade was a grind every inch of the way and 3 of the trades received Failure Alerts from the system before we could get to a 3-tick delta target.
(See Above) Thursday. Market still stuck in a tight range, limiting point traction. After the buyers fizzled the sellers took control for awhile and ran the market lower where the system caught a move with 3 points of traction.
(See Above) With the market being up at all time highs and extremely overbought the daily ranges have become depressed and the market stuck in tight congestion limiting available traction for us to attempt to trade off of. This week ended up being the lowest traction week for the system since inception at the beginning of the year. Just like a surfer needs waves to ride.. day traders need price action to trade and there just wasn’t any good sustained price action this week for anybody.
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