We also have a 114.76 SPY FP from 8am this morning that I didn’t see earlier. This was a premarket print and is likely a valid one. The “when” part is still unknown, but if the triangle breaks down then I’d say that will be the downside target.
New FP to 116.45 spy… what a bunch of chop! They are going to push this triangle out to the very end of the apex and leave everyone guessing at which direction they will go?
We can go down to about 1155 spx or up to about 1180 and still be inside the triangle. I would think that we will breakout to one direction or the other tomorrow, but they could push this out until next Monday.
Coming close to the apex of the triangle now. I smell a rally starting from a breakout of that triangle. I suspect it will happen by the end of the day or tomorrow morning. The market is running out of room inside this triangle and will have to pick a direction very soon. Just looking at the charts, they support a breakout to the upside. We’ll see…
We are still stuck in this big triangle. Once it breaks out, we should continue in that direction for awhile I would think. But which direction? My gut tells me up, but it’s anyone’s guess at this point?
The 30 and 60 minute charts look poised to turn up here and rally. I’d be cautious if I was a bear here. As San pointed out in his triangle chart of the ES, until that lower support level of the triangle is broken, the bears aren’t in the driver’s seat. We are also going into the light volume lunch time period now.
But the charts scares the crap out of me, I am not pulling the trigger here at all. Standing back all the way.
Says up.
We also have a 114.76 SPY FP from 8am this morning that I didn’t see earlier. This was a premarket print and is likely a valid one. The “when” part is still unknown, but if the triangle breaks down then I’d say that will be the downside target.
Calibrating NOW
New FP to 116.45 spy… what a bunch of chop! They are going to push this triangle out to the very end of the apex and leave everyone guessing at which direction they will go?
We can go down to about 1155 spx or up to about 1180 and still be inside the triangle. I would think that we will breakout to one direction or the other tomorrow, but they could push this out until next Monday.
Coming close to the apex of the triangle now. I smell a rally starting from a breakout of that triangle. I suspect it will happen by the end of the day or tomorrow morning. The market is running out of room inside this triangle and will have to pick a direction very soon. Just looking at the charts, they support a breakout to the upside. We’ll see…
We are still stuck in this big triangle. Once it breaks out, we should continue in that direction for awhile I would think. But which direction? My gut tells me up, but it’s anyone’s guess at this point?
I managed to get my other half this morning after the down draft. I am going to sell that half shortly and let the other half ride.
The 30 and 60 minute charts look poised to turn up here and rally. I’d be cautious if I was a bear here. As San pointed out in his triangle chart of the ES, until that lower support level of the triangle is broken, the bears aren’t in the driver’s seat. We are also going into the light volume lunch time period now.