Trend Update 160504 (As of the CLose 5/3)
The SPY confirmed an Up Trend Change on the Close of Friday 4/29 (208.67 was the Trend line), this is after triggering a Sell Signal on Thursday close!
2/22, Down-Trend broken and SPY triggered a trend change
4/28, SPY triggers a SELL Signal and Closes below its Trend Line, 208.41, in Dramatic Fashion
4/28, SPY closed at 107.45 (Up 3.7% for the Yr, Up 1.0% for the Month)
4/29, SPY MUST Close above Trend Line, 208.67, today to avoid a Trend Change and join the Q’s!!!
4/29, SPY Trend Change confirmed, Trend line moved to 208.58 on Friday’s close
5/1, We expect a continuation of said Down Trend and the supports are listed below
5/3, SPY completed day 2 of its New Down Trend, Trend Line went to 208.38 on the CLOSE Tuesday, we expect all support lines to be tagged and/or violated before any meaningful bounce??
Support
208.65, violated 4/22
207.78, violated 4/25, CLOSED below 4/28 and 4/29, Not Good Bulls, (this line is a guide to the next three wks action, ANY failure to climb back above this line Mon/Tues spells Doom and Gloom for the remainder of the week??
206.84, violated 4/29, serious resistance on a CLOSE-ing basis
206.52, violated 4/29, this S/R line is the most important of them ALL for the Bulls, why u ask, because it represents the CLOSE-ing price on the third Friday of Dec 2014, nearly 18 months ago, WowZa!!!
205.92, violated 4/29, GAP filled, BUT, either we GAP and run Monday or all Hope is lost in the ST
203.97, Still Standing as support, this is the YTD Close on 12/31/2015
200.02, Still Standing as Support, this S/R line is the most important of them ALL for the Bears, why u ask, because it represents the CLOSE-ing price on the Third Friday of Dec 2015 and is the ZERO line in regards to gains or losses for the Year, “God” help us ALL if it fails ANYTIME for the remainder of the Year!!!!!!
Q’s (posted day 7 of the Down-Trend, Weakness Continues – SELL any bounces)
The Q’s have BROKE the Up Trend on the Close on Tuesday 5/3 (108.49 was the Trend line), and is already in a SELL-the BOUNCE trend!
2/22, Down-Trend broken and Q’s triggered a trend change
4/22, Up-Trend broken and Q’s triggered a trend change
4/28, Q’s closed at 106.28 (down -3.2 % for the year, down for -2.6% for the month )
4/29, Q’s closed at 105.72 (well below their YTD ZERO line, 109.83)
5/3, Q’s closed at 105.73 and will likely make a run for 104.32 which is where it closed on the third Friday of Dec 2014 or nearly 18 months ago??
The Cascading Discount Wave, TAKE 2, – Day 10 …
It pains us to have to post dis-Cascading Discount Wave scenario, BUT, price is indicating a failure of meaning as the SPY can NOT CLOSE above 210.00 and HOLD it, hence, we must be heading down to test support levels of meaning (see said S/R levels posted above)??
Wk ending 5/6/16, Down, Down, and more Down Lies ahead, Trend change triggered on BOTH the SPY and Q’s and this says its time to Discount prices and reset for the next wave Up??
Let us extrapolate potential price action for next week shall we, its FUN if nuttin else, u know, speculating and ALL, LOL…
Close on Friday, 206.33, and we’ll use some simple math stuffies to portend future price action??
Wkly average range for the last four weeks, 4.50, that’s with the VXX playing between 15-19 and if the VXX works above 20 then said range will be even greater but of course, LOL…
We now have a High for the week to use for our extrapolation fun, 208.18??
208.18 – 4.50 = 203.68 (208.18/203.68)
I’m sorry that I do NOT use charts, paper, or all the other TA that da-Boyz have taught the Sheep to use but I like to watch TWO things and ONLY two things, price action and the CLOSE-ing price, hence, all my work is extrapolated using said simple variable, PRICE!!!!!!
SERIOUS NOTE: Play-r’s, there really is NO real support below 203.97 until we get to the price the SPY closed at on the third Friday of Dec 2015 and dat puppy bet-r HOLD…
News 
Market Data 
Discover 
