Opening Play for Friday 8/1

July 31, 2014

8-1-2014 7-04-18 AMCommentary:

Good Morning traders!

The market broke through the lower end of the range and is about 50% retrace of the previous up leg with the overnight action.  Friday should see the market fill out some consolidation at a lower level.   There will be grail sales at the 15 minute EMA, the 30 minute EMA, the hourly EMA, etc. over the coming week.  Often when a market breaks from a range, it can stay under pressure for 4-5 days before setting up a good buying day (a la Taylor).

Some levels  are marked off on the chart above……a flush below the Globex low sets up a Buy for a scalp…..short rallies as there are plenty of trapped longs now overhead.

Have a fabulous weekend!

Linda

 

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