DAILY MARKET RECAP
Wednesday February 10, 2016
Key Developments :
- Today’s gap up, should be treated as a gift from the markets as H&S neckline retested.
Markets gapped up about 1% this morning on hope that Aunt Janet would save the world with dovish talk. This is why we ignore all NOISE and trade Price action. If you are paying attention, the move was a retest of the 30 minute H&S neckline. A great place to re-establish shorts.
The Bottom Line:
This remains a sell the rips environment. If this 30 min H&S completes it’s target it will put the 2 other H&S targets on the daily time frame in motion targeting the 1600 area. That is all you need to know. I would not be buying anything until those targets are acquired.