BREAK LOWER FROM BALANCE

Trade Details

This is a 2 minute chart of the S+P with a clear strong bear bar initiating a move lower at 11 am. The bar is strong and a short entry on a stop below the low (6774.8) would be a good entry. We see a bounce back to the moving average and we EXPECT that this will likely fail, and move lower still, which it does. Five more bear bars are then followed by a bull bar, but that bar closes below the open of the previous bear bar. The next bear bar closes in range, but then we have another drop. This time the bulls buy, early reversal traders are too early, and we have a test of the lows. There is NO sharp rebound, only a trading range.