for today (Wednesday):
1) Market is starting LOW relative to 15-min 20ema but not 'extremely low' (location does however argue for a buy trade first)
2) The last 2 days have been 'low to high' (arguing for a 'high to low' day = bearish)
3) Violation of 1503.50 to downside sets up a 'buy' for a trade back towards 1503.50 (arguing for a long-side trade)
4) Support-Resistance:
The market has not been able to stay below 1503 and not stay above 1514 area. These are the support and resistance levels.
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Summary:
If we trade UP towards 15-min EMA, location for a short would improve to play for a 'high to low' day after 2 low to highs.
If we trade DOWN first and violate the 1503.50 low, this would argue for a long-trade as you have good location on your side and a standard 'low-violation' buy set-up. I prefer these if done into big support area -- and I don't see a big obvious one below the 1503 number.
As always, be aware of possible 'trend-day' conditions. If extremely strong range expansion off opening price to downside then the best play might be to wait for a reaction up toward 15-min EMA to short. Admittedly, this would be a tough set-up to trade as it would be right into a 'low violation' -- which is a
Taylor 'buy-factor'.
I think I have listed the factors to weigh though. Watch price action vs
vwap and volume/breadth for further 'intraday clues'.