What we are watching, and WHY (Wk ending 5/13)
The SPY still CLOSED below the OE Pivot, 207.78, and the Trend Change line, now 206.64 as of the Close on 5/12, are they continue to be solid resistance. The bias is for lower prices into the MayOE 5/20?
The Trend Change line has moved to 206.64 as of the Close on 5/12 , hence, only a CLOSE above said Change-of-Trend line will signal a Buy signal but must confirm with a higher close the following day?
Wkly Stuffies (Stuffies to consider as the week plays out, a kinda extrapolation process of meaning)
Wk Ending
4/22, H-210.92, L-207.91, R-3.92
4/29, H-209.81, L-205.03, R-4.78
5/06, H-208.18, L- 203.88, R-4.30
5/13, H-208.54, L-205.36, R-3.18
As of Thursday we’ve already posted a wkly range of 3.18 (see above), and we doubt that the week ends with ONLY a 3.18 range but with the VXX at such low levels maybe 3.18 is it?
We sit 1.31 above the low (206.57 – 205.36 = 1.31), and 1.97 below the high (208.54 – 206.57 = 1.97) and we expect price to End the week right back in the middle, well, again!!
208.57 + 205.36 = 413.93/2 = 206.97 ( 1.61 above the low, 1.57 below the high)
This should make sense as da-Boyz manipulated price up above and below their intended target (207.00) and they will park it dare at te close today letting all puts and calls sold during the week either expire worthless (weeklies), or the delta shrink-age declining exponentially in regard to Longer Term out puts??
In summary, GAP’s up, intraday Up, and kissing and Making Up do NOT get us as excited as when we was Young and Foolish, BUT, STAYING UP (especially above 207.78), is what will get us excited about the possibilities and ST Future!! Let us watch dat 207.78 level and IF and ONLY IF price can CLOSE above said level will we get excited about the Down-Trend Signal being negated??
Good trades ALL…
