If you go long on this… you're going to get crushed! Mark my words on that! I'll be going short next week while you're going long. I hope you still have a job, because this next move down is going to wipe out everyone long!
I would agree with that only if we hadn't sold off so far… so fast! At this point the odds of a new high, or even a double top, are very slim. The best case scenario is to reach 112.34 spy by Friday.
Yes, you are absolutely right. There was a gap fill at that time and date. I forgot to include that on the post, but that's the reason behind the break of 108… they wanted to fill that gap.
if this scenario plays out like all others in the past then we would likely close @ the high of week next week above 1150, then the following week close below SPY 107.15. This would fit with your scenario a couple weeks back with the major turning point coming around Feb. 9.
i definitely think it's a bear trap in the very short term, I've seen this dance once too many times. This move is just a throwback to check support at the crash gap from 08' which is @ SPY 107.15. I wish I could post some charts into the comments box because the reaction off of this type of throwback is very powerful.
i'll short the friday close, not a minute earlier
did you catch the tick they threw down to SPY 107.50 on monday morning, that wasn't a coincidence
hopefully you caught a tick they threw on friday afternoon
If you go long on this… you're going to get crushed! Mark my words on that! I'll be going short next week while you're going long. I hope you still have a job, because this next move down is going to wipe out everyone long!
Best of luck to you… but I'm going short!
here's another one
http://www.flickr.com/photos/47091634@N04/43160…
here's another throwback to support
70 handles down on the SPX in 4 weeks, then 70 handles up in one week
http://www.flickr.com/photos/47091634@N04/43160…
here are some charts
http://www.flickr.com/photos/47091634@N04/43166…
http://www.flickr.com/photos/47091634@N04/43166…
I would agree with that only if we hadn't sold off so far… so fast! At this point the odds of a new high, or even a double top, are very slim. The best case scenario is to reach 112.34 spy by Friday.
Yes, you are absolutely right. There was a gap fill at that time and date. I forgot to include that on the post, but that's the reason behind the break of 108… they wanted to fill that gap.
if this scenario plays out like all others in the past then we would likely close @ the high of week next week above 1150, then the following week close below SPY 107.15. This would fit with your scenario a couple weeks back with the major turning point coming around Feb. 9.
i definitely think it's a bear trap in the very short term, I've seen this dance once too many times. This move is just a throwback to check support at the crash gap from 08' which is @ SPY 107.15. I wish I could post some charts into the comments box because the reaction off of this type of throwback is very powerful.