Well, if we keep going up, maybe we will reach that afterhours print of 106.20 spy? Just got to get through this double top first of course… we'll see.
At this point, I think we will get past 1042 and hit the 50ema at 1044.32 (on the 60 minute chart).
Look back at the low on February 5th (1044.50 spx), and notice that on February the 1st and 2nd the market ran up similar to right now… then fell in one last leg down.
While I feel like we are going to 1070 first, before falling back down, it could end today? We could sell off in that finally leg down tomorrow? I doubt it, as I'm never that lucky… but it's possible.
Looks like some euphoria setting in on two green days in a row. I am contemplating getting out of TNA and SSO if we hit 1039. Will not add to shorts unless we get past 1040.
Also, on the 60 minute chart, you can see a head and shoulders pattern forming, with the 1042 level as the head and the 1032 area as the left shoulder. We could be forming the right shoulder, should it not be able to break out of the falling channel?
Looks like the 2nd attempt to break the 1040 area is underway this morning. Will it break out today… who knows? That afterhours print above (of 106.20 spy) could mean nothing, as it could have just been a late fill?
unfortunately, on feb 2 we closed near the highs of the day.
It's certainly a big short squeeze right now.
My bad Red – looks like you maybe right about this print.
Well, if we keep going up, maybe we will reach that afterhours print of 106.20 spy? Just got to get through this double top first of course… we'll see.
At this point, I think we will get past 1042 and hit the 50ema at 1044.32 (on the 60 minute chart).
Look back at the low on February 5th (1044.50 spx), and notice that on February the 1st and 2nd the market ran up similar to right now… then fell in one last leg down.
While I feel like we are going to 1070 first, before falling back down, it could end today? We could sell off in that finally leg down tomorrow? I doubt it, as I'm never that lucky… but it's possible.
Looks like some euphoria setting in on two green days in a row. I am contemplating getting out of TNA and SSO if we hit 1039. Will not add to shorts unless we get past 1040.
Also, on the 60 minute chart, you can see a head and shoulders pattern forming, with the 1042 level as the head and the 1032 area as the left shoulder. We could be forming the right shoulder, should it not be able to break out of the falling channel?
So we have a rising support line from 1010, and a falling resistance line overhead, from 1130… looks like a triangle is forming too.
The support line gives upward momentum for S&P 500
http://niftychartsandpatterns.blogspot.com/2010…
Looks like the 2nd attempt to break the 1040 area is underway this morning. Will it break out today… who knows? That afterhours print above (of 106.20 spy) could mean nothing, as it could have just been a late fill?