Replies to post #169735 on SPDR S&P 500 (SPY)

[risk on]

Oscillators will reach OverSold, that is really the only thing I'm confident in. To what price? That really is a matter for recent support marks, and other key points of note. The problem there is that , as we all know, once spy enters OS or OB it can continue, but it's much less likely to stay in those respective zones, if the cycle previous saw an extended stay in either zone, which we just saw in SPYs last trip to OS before the most recent.

[risk on]

Forgot to mention, today's candle; as it stands there's no real strong indication so far that today's candle can be a reversal candle. It can't be a true engulf, because there was no gap down. It can't really be a harami now, because the upper wick will be so tall in that event. It can be an inverted hang, but the problem there is still a gap up to contend with. So, in order to be a true pivot candle , price would need to fall below open and then possibly go back over, but in that event , it gives a great opp to unload puts for a heck of a nice one day score. Long winded point attenuated, spy is headed to OS in all likelihood, no matter today's candle. Jmo