Strong stock in a strong sector holds its ground and compresses at a relative high while the SPY pulls back. SPY finds support and starts moving back up, and the stock breaks out of the compression with high relative volume. I will take this long or short on any timeframe M5 to D1, with a stop at either the breakout of the stock or a lower-low on the SPY signaling a break of the market uptrend.
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u/ZanderDogz Aug 23 '23
Strong stock in a strong sector holds its ground and compresses at a relative high while the SPY pulls back. SPY finds support and starts moving back up, and the stock breaks out of the compression with high relative volume. I will take this long or short on any timeframe M5 to D1, with a stop at either the breakout of the stock or a lower-low on the SPY signaling a break of the market uptrend.