Well, I see a 111.07 FP on the intraday 5 minute spy chart, from 11:20 am today. When the 60 minute chart finally rolls back up (it's quite oversold now), that could be our upside target for the end of today or tomorrow morning?
That's what I'm thinking. I might pick up some TNA calls or sell 1/3 of my positions at the close to hedge/lock-in some gains in case of a gap up tomorrow, but I think the Mich Sentiment, Chicago PMI and the initial GDP for Q2 will be the catalyst for continued downside pressure tomorrow.
Bought TZA calls and EFA and AMD puts at the close yesterday and doubled down this morning. Very glad I did. Given how the overbought the market was and how much the BB bands had contracted, we were due for a big move one way or another, and the bias was def. downward.
There should be a little support around 1090 spx, and it might bounce there, or simply close around that level today. If we are going to continue selling off tomorrow, as I expect, then we could see a gap down in the morning?
Well, I see a 111.07 FP on the intraday 5 minute spy chart, from 11:20 am today. When the 60 minute chart finally rolls back up (it's quite oversold now), that could be our upside target for the end of today or tomorrow morning?
Leo
Your comment about the flag pattern failure was spot on
S&P 500 support zone
http://niftychartsandpatterns.blogspot.com/2010…
Not a ton of volume like we've seen other down days. That has me slightly worried.
Yes, I agree…
And we know our downside target is 107.12-107.35 spy, so that's your point to close out all of your shorts.
That's what I'm thinking. I might pick up some TNA calls or sell 1/3 of my positions at the close to hedge/lock-in some gains in case of a gap up tomorrow, but I think the Mich Sentiment, Chicago PMI and the initial GDP for Q2 will be the catalyst for continued downside pressure tomorrow.
Good call on that Shaan… I think you will be good until we tag the 107 area. Then you can bail out and re-evaluate.
Bought TZA calls and EFA and AMD puts at the close yesterday and doubled down this morning. Very glad I did. Given how the overbought the market was and how much the BB bands had contracted, we were due for a big move one way or another, and the bias was def. downward.
There should be a little support around 1090 spx, and it might bounce there, or simply close around that level today. If we are going to continue selling off tomorrow, as I expect, then we could see a gap down in the morning?
Here comes my nineteenth nervous breakdown… here it comes, here it comes! LOL
http://www.youtube.com/watch?v=091TgmnnVXI&feat…
They will Woody…
Remember, we are going down to around 107 before any real bounces.