The market gapped lower this morning. At 1015 ET, the VIX, Financials, Energy and Discretionary Stocks turned Green increasing the probability that the market would correct back to the Pivot Line.
The market didn't quite make it to the Pivot Line, but came close. After 1015 ET, $TICK momentume was also Green. On this 1 minute chart, I included 1 Standard Deviation Bands around the 38-Period EMA of the $TICK Close. While the 20-Period EMA was above the 38-Period EMA, corrections to the lower band was a good place to go long. After the market traded back below the VWAP and $TICK momentum was back in the Red, a good place to go short was a correction to the upper band.
Charles
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