JTC OR TUT?
Updated
My bias is long on SPY. My expectation is that the recent gap up over resistance is a Jump the Creek (JTC) wave, so I am expecting a pullback in the direction of previous resistance, looking for low volume on the Back Up to Creek pullback to enter long in the direction of the long term trend. However, if we get heavy selling on the pullback it could indicate an overall change of trend, or at least a prolonged distribution/re-accumulation period. Too early to tell at this time, currently sitting on my hands. I currently have no tades on SPY at this time. Good trading all.
Note
Looks good for a continuation to the long side. Good trading all.
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