The market opened neutral this morning and sold off breaking yesterday’s low by a few penny’s. Currently we are in a sideways trend and I’ll be looking for a break down below the whole number of 67.00. I’ll be looking for the first 5 minute sell setup after. If the market breaks up and rallies I’ll be looking for the hourly sell setup. At this point I’m SOH(set on hands). Tough morning for many, especially if you over traded and had no patience. My first and only play thus far was with XLNX which I found on my gap down list. I liked XLNX because it gaped below a prior pivot area and set a new low. My entry came after a green topping tail bar on the 2 minute chart. The play moved down nicely at first but price never reached my first target 32.25 and XLNX began to rally at 32.33. I hung in the play until a COG (change of Guard) appeared on the 5 minute chart. It was over for now, but I may retry later this afternoon on the 15 minute chart. No harm done, basically a scratch trade. Here is my chart for my play in XLNX…
XLNX