Posts Tagged ‘spy’

Market update 7.10.

June 6th, 2010

Looking for 104$ (maybe even 103 sometime intraday) for SPY somatime Monday, Tuesday next week. After that expecting to see a reversal day and a rally to 106.50-107.00 later this week. After some rally looking for another push to 102-101$.

Need to watch MACD for any hints on divergence. Also please note that for this case to be valid, we need to stay below 108$ during trading early next week.

Here is another possibility:

This drop in SPY to ~104$ should coincede with the drop of CLF to 44.00 area. This is where I am planning to take some profits off the table. After that I would be looking for a rebound to ~48$ and then another push lower to 38-39.

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Posted in Market Overview, Trade update

Tags: clf distribution metal stocks real trade resistance reversal SP 500. spx spx 500 spy support

Market projection (21.02)

February 21st, 2009

Expecting a small rebound next week. Target area 800-810.

Need to watch closely next move, not to miss this donward movement. The resistance at 800 SPX is really massive. The ideal thing would be to see something like rising wedge, but of cource we know that things don’t always pan out as predicted. Next stop is going to be at 740-730.

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Posted in Market Overview, Potential Setups

Tags: gap rebound spx spy trend trend following

Market overview (17.02)

February 14th, 2009

Although the market rallied above my 835, we still closed at low of the day. That is a good sign for the bears. What’s bad, is that there is a possible IHS in the making (see the chart below).

For the past month or so, the market was able to find support at 800-820 level. Every time we were in this range, we turned around pretty quick. How long could it last? Well, the general TA rule is, if the support/resistance is tested multiple times, at some point it will break through that area, and the longer this area holds, the more brutal will be the breakdown/breakout.

So, I tend to believe that this is the case with the market today. Here is what to expect next week: