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Looks like algo defense of 199, heaving selling here but its being absorbed for the moment. "they" want it to go up.
That's just pure speculation.
I'm guessing EOD mega ramp and 202 tomorrow, doesn't seem like it wants to drop yet.
The government wanted this at 200 this week at all costs and colluded with wall street to make it happen. Nothing was going to stop it. They had a plan and executed it. It's a conspiracy. I'm sure there was some meeting where they talked about ways to keep the economy afloat and concluded one of the easiest ways to keep their ponzi scheme going was to bring SPY over 200 and to rally Oil prices in tandem. Underhanded manipulation meant to serve the interests of the few. I strongly condemn the actions taken by the oligarchy this week.
They know the underlying economy is close to full collapse, they want to keep up appearances that everything will be ok. Rallying SPY back to 200 achieves that. If SPY goes to 160, it would be all over the news "DOW down 1000 points as stocks tumble" and then regular everyday people would start to be concerned. There could be bank runs, etc. It's better for them to just expend capital to manipulate SPY back to ATH. It's all strategic. Nothing that's happening right now is taking place without much thought and planning.
Absolutely, the way this is moving makes me think government stimulus into the markets + wall street buy algo's = dream team of manipulation. Look at what they are able to achieve. Back at 200 when we should be at 160.
He's the only one here who doesn't believe this is a conspiracy, everyone else here knows what's happening.
Down 100K on June 170 puts, down 3K on next week 196 puts, in addition to 28K in losses YTD. Never done so bad as I have in 2016.
2015: +$348K
2016: -$131K YTD.
The new TA will be figuring out what the Algos want to accomplsh and being on the same side, older ways of analysing the chart are becoming obsolete.
I've been trying to use TA on this all week and nothing is helping, I'm starting to develop algo TA methods.
An example of algo TA would be: It's a friday, SPY is wayy overbought intraday, but they want to do an opex pin at X price, so traditional overbought indicators are superseded by that.
Just got your PM, sorry man wasn't trying to offend you. Just saying Algos have a plan right now and any attempt by anyone using traditional TA methods to decipher what will happen is futile. Not a dig at you. All I'm saying is that it's best not to over analyse certain things at the moment.
Some HFT algos fighting each other right now, TA done by humans doesn't matter right now.
I think we go sideways now, I can't see them tanking it like that after all this work to get it here, and there might not be enough gas left to push it higher, so it could just chop around 197-199 for a few days before the next move.
Just spent like an hour analyzing the chart trying to pick apart any possible clues. This move off $181.00 is a carbon copy of October. It's a bit more rapid, so that leads me to believe that the turn around will be quicker and sharper. The pullbacks/ consolidations have been closer together followed by rapid increases, it seems as if the overlords know they can't sustain a more prolonged rally like in october, so they seek to achieve the same thing in a shorter timespan. Here is a chart with my conclusions.
Chart
I didn't expect this to happen either and kept holding puts, it was rational to assume SPY would drop, we just got screwed by the casino.
unreal.
I agree, good analysis.
I think they're getting ready to cut off the buy algos and start dumping.
Which puts are you holding, strike and expiration.
Yeah, that is exactly what is happening.
fwiw, 2min central bank stimulus indicator gapping bullish, VXX dropping sharply. Could see a strong rally.
I'm calling the top of this rally here, it's not gonna touch 199 for the entire month of March. Dump to 194 tomorrow then 190 eow. Manipulators used up their remaining ammo yesterday to go out in a grand fashion. Now reality will supersede all.
I think we have more than enough evidence to squash any doubt about this being October 2.0. It's fact.
SPY and Oil tanking together.
In theory yes but the truth is much more complex than that. You need experience trading SPY to fully understand.
Don't make October a joke, it's not funny when the 1% screw the little people and fill their pockets with money through illicit means while the rest struggle. October style manipulation like what is happening today is no laughing matter.
No respect for these criminals.
Interesting, so that's how they did it.
unbelievable.
I'm mad too, bought some puts this morning, getting killed. You can tell this is being orchestrated to a tee. Completely unnatural movement intraday, this is making me upset why can't the market be more real.
fwiw, 2min manipulation indicator shifting bullish.
Repost from stocktwits:
"incredible. huge selling eod, recessionary level china pmi, overnight ramp, morning crude/spy selloff, trampoline . I'm truly baffled"
I agree with this.
Just by looking at the daily chart, no in depth TA. If we close below yesterday's lows then I think that confirms it and we have a bearish engulfing candle tomorrow. I think this leg up topped out on friday just by looking at the candles. If we bounce strongly today and close above 196 then the up trend remains intact. I'm assuming the bearish scenario plays out.
I think today marks the end of October 2.0, what we saw the past two weeks was a mini version.
This is infact, October 2.0. Some are reluctant to accept it, but it's a rigged rally just like October.
Bought to open 100 contracts of February 26th 198.00C for $0.02. Not risking much, and if the PPT does take spy to 198 tomorrow they could end up being worth $0.60.
If you're in puts expiring past this week, keep holding IMO. China plunged 6%, people going risk off now, SPY too high at this price. PPT can only hold it up for so long. The drop is coming IMO.
confirming what I assumed.
Are you gonna keep holding your puts?
watching SPY is more interesting than watching TV now. Was gonna catch up on some TV shows today but watched SPY instead.