Opening Play for Friday 6/20

Good Morning Traders!

OPTIONS EXPIRATION…”quadruple witching”….

SPs had a morning  dip down to form a bull flag before retesting back up.  1952.50 will be a full retest up – This will be Friday’s main upside pivot.

Friday  tends to be the narrowest range of the week….hard to imagine much smaller range than Thursday’s NR7 – just over 8 point range.  The VIX reflects this accordingly.   Main roadmap higher  time frame  remains the Russell on the daily charts.  No indicators have hit overbought  levels yet.  However, after 5 up days in a row, the SPs may need to consolidate to the hourly EMA  first before looking for much more upside.

Buy pullbacks on  metals – after trend day UP,  the first reaction down will be a grail buy.  Copper – just  breaking out  to the upside  end of  THursday’s  session.  Crude  still doing price equals time consolidation  but the flag suggests eventual full retest up.  Nice move on grains  end of  day –  now is  Sell Short day  scalp only.   Corn made new 2-period ROC highs and Beans had range  expansion up.

Most markets have had  such  extreme movement this week, there might be good two  way scalping in most markets as they consolidate their recent gains.

have a  fabulous weekend everyone!   Remember, trading is all about the PROCESS so you are ready and in right spot at right time. a discretionary approach to trading can still be systematic!  My  motto for now!

Linda

 

 

6-19-2014 2-54-03 PM

 

 

6-19-2014 2-54-28 PM

 

 

Tradesheet from snagit