After release of the New Home Sales, I thought that 976.50 would hold as support, but it didn't. So I took a small loss there. The Overnight Low failed to hold support after 1000 ET, and thus became resistance. The market is still below that level. $TICK divergences here are not working since the market is not near any major support levels. Market is bouncing to the upside a little as Europeans wrap up their trading day.
My trades are more successful when I wait to enter near Yesterday's High or low, Overnight High or Low and the 0930 ET Open Price.
Charles
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