Day Trade Journal 6-5-09 Thursday

We opened gap up with a test of the jan high 94 at 945 amet.... and sold off to pivot 9351 ...we are just under pivot and noe having any strong neg ticks -800 looks to be a range day ....
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1127 et am we are filled at 94.20

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1156 et am spy is hovering at 9407 ...xle . xlf are leading all others look to be rolling over....tick is neutral
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dollar is starting to show weakness ....xl's stalled took a tiny profit 9387... nervous markets to day... europ is closing down ....hard to say what rest of day will do selling pressure isn't building ...
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130 pmet.......spy has moved up to and through tuesdat low support range .....past support can be future resistance......we are clearly above wed's range ...steady tick +1000 ..... I am skeptical of this rally because the volume has been dropping all day.....

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214 pm et .....spy is about to fill wed's opening gap....this could be a resistance point if not we have wed's pivot to test........ to days price action is really looking like a bearish mini wedge...
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if you read my post on SPX yesterday the close was a very nice looking evening star candle pattern at extreme bollinger band top on the daily chart.....most times the price will retrace back up to 50 % to 99% of the previous day candle ......evening star's are very good sell signals.....the best play would be to short as close to top of pattern9540 with a stop very tight just above high 10 -15 pionts...9550... ......expect price to move sideways for 4- 6 days if price dosent break above the high and watch for a nother bearish candle pattern to form ie: dark cloud , 3 inside down or another evening star to start the price moving down... keep a close eye on the tick and volume..........


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300 et pm watching the Naz and russell .....to see if they hold these highs.....or break down end of day....

------------------------------------------------------------------------------------ 311 et pm ....trend break spy.....with increasing volume ......