I’d say that’s about as close to the FP of 133.14 SPY as we’re going to get. This is probably the last chance to get long today. Once the noon time hour comes the selling pressure will dry up and this pig will rally.
Ok… based on the time and the charts I think the low could be in now. While it could go down one more time and reset it’s still worth riding that out in my opinion.
Most of the selling/buying pressure is during the first 1-2 hours of the morning and the last hour of the day. Therefore, I think the selling pressure is about to dry up now and allow an “A” wave up to start.
Possible FP to 133.14 on the SPY, which could the low for today and the spot to go long at. I would exit the long by 1362 spx or lower as that trendline of resistance is falling every day.
For though brave enough I would go long close to the open when some trapped bulls sell and some late-comer “retail” bears short. There should be a brief dip I’d guess, but it shouldn’t take out the low from yesterday (about 1330 spx). A dip to the 1334-1335 area would be a good spot for a long (you might not get it that low though) that should run to 1350-1355 for this first “A” wave up.
This should be a 1-2 day move at most, so I’d exit the long in that zone and go to cash until I see how the charts look for the “B” wave down. They could just chop sideways for that wave making a bull flag for the “C” wave up next week. Or, they could drop back to around the area we are at now (1338 spx) to close out the week above the 50 dma on the Daily chart.
The daily and weekly charts are still bearish so they should go down for the “B” wave, not sideways. There should be trapped bulls there that want out and retail sheep that missed the big move down who will short there thinking that the low will be taken out. They will be trapped if the “B” wave down rips into a “C” wave up on Monday/Tuesday of next week.
But for now I’d only go long around the open if they dip down a little and then exit to cash around the downward sloping trendline of resistance connecting the April 2nd and May 1st high… which is coming in around 1362 today and falling. So, I said 1350-1355 earlier but I was thinking we would have another push down first and that would allow the trendline to fall into that zone.
Since it appears we are done with the selling for now and are likely to start the “A” wave up the trendline hasn’t falling into that zone yet and is currently at 1362 spx… therefore they could take it up that high for the first “A” wave up before stopping for the “B” wave down (or sideways). Long if they dip…
No, this looks like the start of the “A” wave up. I wouldn’t short it. Yes there will be a “B” down, but that probably won’t happen today. I think this “A” wave up could go to 1350-1355 area before running it resistance.
That might not hit until Thursday morning. The bulls need to close the week out above the 50 dma, which is 1332 spx. So, if they rally up to the 1350-1355 zone for the “A” wave up, then they are safe for time being. They just need to keep the “B” wave down which could happen on Friday (or next Monday) above the 50 dma by the close.
I’d say that’s about as close to the FP of 133.14 SPY as we’re going to get. This is probably the last chance to get long today. Once the noon time hour comes the selling pressure will dry up and this pig will rally.
APPLE Chart analysis:
http://niftychartsandpatterns.blogspot.in/2012/07/apple-chart-analysis_25.html
Ok… based on the time and the charts I think the low could be in now. While it could go down one more time and reset it’s still worth riding that out in my opinion.
Most of the selling/buying pressure is during the first 1-2 hours of the morning and the last hour of the day. Therefore, I think the selling pressure is about to dry up now and allow an “A” wave up to start.
Possible FP to 133.14 on the SPY, which could the low for today and the spot to go long at. I would exit the long by 1362 spx or lower as that trendline of resistance is falling every day.
http://screencast.com/t/DkNQHPGLS
No dip… LOL! Typical when they want to squeeze the bears. Some how that’s to be expected I guess.
Not with options, but a futures trade would work out nicely there Anthony. WashBoardStocks plays futures, and some others do too.
For though brave enough I would go long close to the open when some trapped bulls sell and some late-comer “retail” bears short. There should be a brief dip I’d guess, but it shouldn’t take out the low from yesterday (about 1330 spx). A dip to the 1334-1335 area would be a good spot for a long (you might not get it that low though) that should run to 1350-1355 for this first “A” wave up.
This should be a 1-2 day move at most, so I’d exit the long in that zone and go to cash until I see how the charts look for the “B” wave down. They could just chop sideways for that wave making a bull flag for the “C” wave up next week. Or, they could drop back to around the area we are at now (1338 spx) to close out the week above the 50 dma on the Daily chart.
The daily and weekly charts are still bearish so they should go down for the “B” wave, not sideways. There should be trapped bulls there that want out and retail sheep that missed the big move down who will short there thinking that the low will be taken out. They will be trapped if the “B” wave down rips into a “C” wave up on Monday/Tuesday of next week.
But for now I’d only go long around the open if they dip down a little and then exit to cash around the downward sloping trendline of resistance connecting the April 2nd and May 1st high… which is coming in around 1362 today and falling. So, I said 1350-1355 earlier but I was thinking we would have another push down first and that would allow the trendline to fall into that zone.
Since it appears we are done with the selling for now and are likely to start the “A” wave up the trendline hasn’t falling into that zone yet and is currently at 1362 spx… therefore they could take it up that high for the first “A” wave up before stopping for the “B” wave down (or sideways). Long if they dip…
Thanks.. Not even worth playing.
CISCO Chart analysis:
http://niftychartsandpatterns.blogspot.in/2012/07/cisco-chart-analysis.html
No, this looks like the start of the “A” wave up. I wouldn’t short it. Yes there will be a “B” down, but that probably won’t happen today. I think this “A” wave up could go to 1350-1355 area before running it resistance.
That might not hit until Thursday morning. The bulls need to close the week out above the 50 dma, which is 1332 spx. So, if they rally up to the 1350-1355 zone for the “A” wave up, then they are safe for time being. They just need to keep the “B” wave down which could happen on Friday (or next Monday) above the 50 dma by the close.