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.
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.
Thanks dark1…
I try to open peoples' minds to “thinking outside the box”.
And thanks for helping Anna's critters too!
Red
Finally remembered to bookmark you! I'll be trolling by on my daily rounds….I like your observations, you make me think.
You're welcome moon… Be sure to stop by an read the weekend update posted late Sunday night.