Trader's Daily Notebook: Don't Think Long-Term on Tesla

Wednesday's E-Mini S&P 500 futures auction, while more active than I would have expected given the number of traders enjoying a midsummer vacation, still only traded around 960,000 contracts. My inclination is to avoid drawing too many broad market conclusions ahead of Friday's monthly employment report, and instead take a slower approach to short-term trades, especially when it comes to technology.

SPDR S&P 500 (SPY) -- Daily
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A quick study of the SPDR S&P 500 (SPY) daily chart above reviews how inconsequential Wednesday's session really was. On the bullish side of things, we're still trading above that pink upper trendline (beginning on March 1) and the 50-day moving average (MA). On the bearish side of things, we're beneath the 20-day MA and bouncing around with relatively little leadership. The net result is anyone focused on a timeframe measuring more than a couple of hours acquired no worthwhile information at the end of Wednesday's auction. ...545 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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