We had a nice intraday rally yesterday and today it looks like its going to be another sell off. Things can be quite exciting for the intraday trader as the market keeps giving uptrends and downtrends in the 5 min chart. So, opportunities abound for intraday trades.
The 15 min chart shows how the Dow collapsed as it broke an uptrend line. If support cannot hold then there will be more selling today.
Since we are in a downtrend in the 60 min chart any rally up should be closed fast meaning intraday plays for longs while for shorts its alright to hold overnight. The breaking of trend line will usually send the market lower for a day or two.
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