DaddySawbucks
Long

SPX Broke Up Falling Wedge; expect H&S Backtest

TVC:SPX   S&P 500 Index
Chart says all; simple idea. Most often after one of these wedges breaks up it will fall back to retest the upper TL before it really takes off.

Would give inverted H&S and a higher low; could be the start of an impulsive move higher, to give a double top . Small gap is a weak draw higher.

As always, just a nother crackpot idea; FGS do not trade off this, trade at your own risk if you do! GLTA!!
Comment: Expect risk-off before holiday weekend IMO
Comment: Short-covering, fierce EOD
Comment: Shorted Am gap on 07/01 and flipped for easy gain, offset drawdown from getting crushed EOD 6/30.

At 3120 it's pushing on underside of rising TL' a backtest IMO. Some ERs coming now surprise from FedEx, best since 1986, wow!

MOMO is fierce again, look how they bought FB back up near ATH and QQQ trading near/at ATH; manic!
Comment: Press the play button to see how the damned thing rallied back to TL; backtesting breakdown.

Rejection here will be decisive sell signal!
Trade closed: stop reached: Yeah I stop lossed this haven't been so wrong on it since the 2018 Christmas Crash, LOL. I did play Fade the Gap well enough to recover my overnight loss but still have a handsome drawdown from Tuesday 30 June.

Taking a break from the madness, enjoy your Fourth!
Comment: Successfully played Fade the Gap but it wasn't much of a Fade, LOL; moar bulling Tues IMO

So many Gaps to fill again!!

Comments

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