Upside Target Met?
Update for Thursday…
Put simply… possible move down at the open, and a slow grind back up in the afternoon until the close.
Red
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We hit a high of 112.37 SPY today… is that enough?
It’s hard to say yet if today’s high fulfills our 112.41 FP, but tomorrow should be the last attempt higher. Since the 15 minute chart is in negative territory and ready to roll back up tomorrow, there could be one more gap up, or flat open and a quick run up to fulfill the print exactly.
However, many times in the past I’ve noticed that they either fall short a little or pierce through it a little… and then reverse directions. And, since today traded mostly sideways, it formed a bull flag on the lower time frame charts. That would support a possible quick move up tomorrow morning, and then selling off the rest of the day.
Either way, a turn back down in the market should be no more then 2 days away, with it starting as early as tomorrow. Our downside target is the 107.12 spy area (or the 107.35 print Anna caught today), once the selling begins. Since nothing news worthy is out tomorrow, we might have to wait until Thursday to see the selling begin.
So hang in there bears, your dinner should be ready soon.
Red
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Comments are closed.
about 1 month ago
The intraday prints play out very quickly… usually that day or the follow day. The closing prints (or intraday one's that are a very long way away from the current price) usually play out within a month.
So, you have to play the waiting game, and just when you are finally going in that direction… you look for the print to be hit.
about 1 month ago
Picked up some TZA calls and EFA puts at the recent ES high. I'd be much more confident about more downside though if the VIX wasn't negative on the day. Hopefully it ramps back up into the close.
about 1 month ago
did TOS just freeze up for anyone?
about 1 month ago
Not on my end.
about 1 month ago
My gut tell me we are headed higher gang. We just can't gain any sell-side traction and it's been like that all day. Even the big move down today didn't cause a huge spike in the VIX nor did it have the volume we've seen on downside moves recently. Algos are just pumping it, selling it off a couple of points and then re-buying and ramping again.
about 1 month ago
My gut tells me that the FP of 111.07 spy is our upside target, so yeah… we are going up now.
about 1 month ago
Haha. Just saw SP was down 6.66 at 1099.47 (911?) over at AAII site.
AAII shows 40%bulls 33%bears. Boy do they flip flop from week to week.
about 1 month ago
Unreal
about 1 month ago
They do love those rituals Geccko… LOL!
about 1 month ago
When volume is this light and vix is fixed they can do whatever they want.
about 1 month ago
The GDP numbers must be coming out good???
about 1 month ago
IWM topped out intraday around 15 minutes ago, looking for a pullback to the 64.8 area.
Exited my IWM shorts from 66.6 to 64, my target exit price for the IWM short. Now I have to go calculate the whole thing all over again.
about 1 month ago
We come pretty close to our 111.07 FP target. The 15 minute chart looks about topped out now, and it's now the bewitching hour. So, that might be about as high as the market goes?
about 1 month ago
Check this guy's charts out: I haven't been paying too much attention to him for awhile but he has some nice tick charts. 100 period average of the 1min tick charts is pretty much near the upper extreme of its range. http://stockcharts.com/def/servlet/Favorites.CS...
about 1 month ago
I expect the market to close down, most likely on the low of the day. Today is forming a nice reversal candle.
about 1 month ago
Yeah, I look at his stuff from time to time… seems to be pretty good. His link is on my blogroll under astrology as well.
about 1 month ago
The 5 minute and 15 minute charts are running out of steam but we should still get to the 111.07 target today.
about 1 month ago
We hit 110.98 spy… close enough. LOL
about 1 month ago
From another board:
A most interesting trading day. I call these “Alice Days” (lots of running around just to stay in the same place). 150+ point gyrations intraday yet VIX doing nothing.
about 1 month ago
Interesting how the R2K is kicking butt when durables are down.
Vix is showing accumulation.
about 1 month ago
Kiss and run?
about 1 month ago
Keep your eyes open on the VIX buying as that's a sign that the end is near… for the bulls that is!
about 1 month ago
IWM daytrading chart, hit all the lines today. exited swing short at 64. then daytrade, shorted at 65.5, then got out at 64.9.
LONG V
about 1 month ago
FTO long, looking scary, I could buy at 12, but might have to endure a 3% stop out, and then try again at 11.
TSO is throwing me off. FTO goes up from 12, then TSO goes to 14-15
about 1 month ago
New Post everyone…
about 1 month ago
The 5 and 15 minute charts are pointing up now, but the 60 hasn't followed yet. We might go back down a little more (not much, if any), but within the next hour I expect it to point back up too, and the market should rally the rest of the day.