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Over the past week, a slow and steady trickle down, little by little, by little. The big Tuesday drop, only to not totally recover... Will the balloon deflate in a trickle just as it was inflated?
I agree about Monday and a move. But the long and short of it, as I see it. The SPY is bouncing around in a generally tight consolidation range right now. Good for traders. 210 to 209.6 has heavy support. The market is still in a clear uptrend, so it would be a generally safe bet that over time, this market is going to go higher. I believe that it needs to fulfill that 210.06 gap fill on the short term though.
But I have been watching the post markets recently, and when it has a larger upward move shortly after close, it seems to have blasted up the next day. This seems to be the case all the time, except when it is not.
Heads call.
Tails put.
Or wait for a short term high probability candle setup..
Daily MACD, crossed, Histogram now flat, trending down. STO moving into natural. Open GAP @ 210.06. And it moves up on a Thursday. Looking at the secondary wave, we could go to 215, BUT could fill that gap.. I have no idea what it is doing. Someone said big swings this week on Tuseday. Spot on.
Gotta put money someplace safe! Everything else is crap it would appear.
Also just a note, there is a small gap still open all the way back (on the sp500, not sure about spy) to OCT 2010. A little unnerving... That marked the day the game changed for me.
Bearish candle pattern forming prior to that upper gap fill.. This is unexpected as this market has been so neat and clean 2015 in respect to open windows.
The long "gap-n-go" (as i like to call days like today) have been averaging around 1.20% on the spy. With that being said, that would put SPY around 213, just enough to fill that last upper gap. With that being said, the wave pattern top has already been met for this last wave, but the lower has not. My $0.02, SPY fills the lower gap, and then some to 209.6, to complete the FIB retracement on this cycle in the next few days.
But, I as well, have a free account, so take it for what it is worth.
Waiting to see it retrace to 213.4 so it will overlap the last of long 5 min candles. Then am waiting for a candle setup to enter. Given the market indicators, a put scalp is what I will be shooting for.
Bounced off top of bolli bands, two doji(s) after green, unable to hold new highs, a gap not too far down, with a really good fib retrace level. MACD slowing down. STO Cross in over bought territory.
Not sure what to do...
Odd that it has stalled here. There have been a few comments predicting that this is the point of where it was ultimately going eventually. Looks like it did.
Housing news. Above expected new construction permits. "Should be" good news.
SPY needs to break and close above $210.50, with conviction, for me to enter a position. There is very little evidence of it heading lower due to little evidence of the bull trend breaking. Until that point, this is too risky to enter a position at any point.
Look at the NYSE weekly chart for an indicator of why I am saying this. it is currently hitting the top that it has been bouncing off of from 7/1/2014.
The chart would suggest that a big move is in the making, but which way is unclear. Lower lows, but no new highs. A clear pennant has formed.
Looking at the weekly NYSE as a road map, from July 14' to now... we would appear to be half way to the top pivot point already... :P
or not...
I don't like this "gap-n-go" today. There isn't a whole lot of upward momentum at this point. I know they have been performing around 1.23%. I am closing out my calls and will wait to see if tomorrow morning will lead to a supportive candle or not. I will then make a longer term plan from there. There is just something wrong about this one, but I cannot put my finger on it...
From the sounds of it, no change in policy, and continued foot dragging. With that being said, look at the Aug 1st, 4th, 5th of 2014. Same exact pattern forming. If there is a dip that puts us at the 202, it will be much easier for me to consider going long at this time.
That, or that giant spike was short kicking in for a long haul...
SPY needs to break the HOD from yesterday for me to be confident that this is a true pivot. This looks and feels like a reversal pivot, but it has not been confirmed, and there has not been a big play to the upside yet. To me, this indicates a lot of resistance by the market at this point of time.
I think that is the most accurate prediction here. Given past performance statistics. Plus look at the NYSE on the weekly chart. There is a clear line on the top from July 2014 to today and well defined flag forming. There is still room to go down, but not much.
Look at the same setup Friday, Aug 1st. 2014.
If it was generally any other -non supportive- candle today, I would assume a continuation of down trend. The spinning top doji, however, after the long red candle, defiantly shows that there is weakness among the bears. And as stated prior to this, at a strong resistance point.
The big question is, how much weight will the three black crows have?
Look at that down trend! Make sure you look at the trend before you buy, even if it is just for a few.... hours. Get in, but no one gets out with Jerry not taking his cut of your capital.
KABOOM! Throw it on the ground! Sell while you can.
Even if BGNN goes MJ, think of how many shares would be out there. A bizzillion? How long has Jerry been splitting this? Garbage.
BGNN!! TO DA MOON! SELL SELL SELL!! LOCK IN YOUR PROFITS BEFORE JERRY takes is spring break trip!
Just an fyi, Ivestor knows this stock better than anyone!
STAY AWAY!!!
LETS GO GRNH!
HALB - Long-range unmanned aircraft (UAVs) - This market is going to be huge! http://digitalburg.com/?p=7715
HALB!
Come on MM's Fill my order!
Is the panic selling over?
VHUB!
Nice lower resistance. This chart is looking good.
is the bottom in? Time will tell?
Set my scanner off. Let's see what Monday holds!
Yeah, just to give heads up, it prob is a bad idea to believe anyone who says big news tomorrow...
No, the big new is tomorrow!
Strange. No volume, then the gates open up and a quarter billion at .0001. There has been a bid for three weeks at .0001 that can't get filled, but should have easy by now. This smells of insider info. MM's only selling 1's to.... Who knows?
I just looked at the blocs that have sold today. It looks like they where just moved between the MM's.
LOL! Doubtfull of any movement anytime soon. But i find it odd that shares still move every few days. BUT, looking at the chart, there appears to be a pattern, every 9-11 months there is a pop. So maybe Jerry will finally sell this into the beatten down MJ sector. Here is to hoping for everyone who has a position in this.