The market volatilty continues as expected. This is really a headline driven market. Today the market gaped up and had nice trend higher. We have had several gaps over the last few days. I have marked them in blue circles above. This type of market is particularly challenging for a swing trader. We have had days very the market gaps up and days where the market gaps down. While it was nice to see a stong up day today we need to see some continued price confirmation.
I am looking for the following to happen (to start considering some small swing trades):
(1) The five day moving average (in red) to flatten and start sloping up
(2) The nature of market to settle down from all these gaps
(3) The ability to move past and hold above last weeks high on the SPY of 123.5
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