SMP99
Short

SPY Tue 9-30 A Break in the downtrend....maybe.

AMEX:SPY   SPDR S&P 500 ETF
spy
335 29 3
spy
9-30: Pre-market SPY             shows a gap up open above the trend line . Something I've been watching for lately. But a failed breakout is also a scenario I've noted and this might just be the set-up. For the break out to hold we need to see a successful retest and hold of that upper channel. If successful 198.36 then 199.21 comes into play.

Otherwise, i'm watching yesterday's ascending trend line . A break of that line might be the cue that we are due to go back into the channel. A fail at this level could also send us all the way back down to the bottom part of channel through tomorrow.

If we get a breakdown levels i'm watching:
196.75, 196.10, 194.95

Related Ideas

Consumer Confidence readings at 10 am est. Should be critical in deciding direction.
+1 Reply
SMP99 PRO QuantitativeExhaustion
2 years ago
I agree. So far, pre-market opened exactly at the levels we discussed yesterday. Are you waiting for the 945 report before any positioning?
+2 Reply
Yes. waiting till 9:45. It is actually higher than what we thought it would price.
+1 Reply
SMP99 PRO QuantitativeExhaustion
2 years ago
198 open was thrown out as a scenario...198.05-198.20 is what i've been seeing. Also watching Friday's high. 198.38 i believe.
+2 Reply
Yeah if we hold above 198.4 for more than 15 mins, I would think there is a trend change.
+1 Reply
SMP99 PRO QuantitativeExhaustion
2 years ago
Agreed.
+2 Reply
SMP99 PRO QuantitativeExhaustion
2 years ago
From the 8-7 bottom I referenced yesterday....similar setups.
snapshot
+1 Reply
yes that is similar.

Watch this also on Thursday around noon, ECB Monetary policy statement and press conference. Could spark a mini bull rally
+1 Reply
SMP99 PRO
2 years ago
1st target hit 196.75. Fail there and 196.10 might be up pretty quick.
+2 Reply
yeah agree
+1 Reply
Pre-Market Volatility needs to be injected in discussions. Killed the perfect trade
+1 Reply
SMP99 PRO
2 years ago
snapshot
+2 Reply
SMP99 PRO SMP99
2 years ago
been here since 1015 yesterday
+2 Reply
Probably will be range bound for rest of day
+1 Reply
SMP99 PRO QuantitativeExhaustion
2 years ago
could get interesting if goes below this morning lows
+2 Reply
Agree
+1 Reply
SMP99 PRO
2 years ago
snapshot
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SMP99 PRO
2 years ago
snapshot
This might keep it interesting tommorrow.
+2 Reply
Swinging every which way today
+1 Reply
SMP99 PRO QuantitativeExhaustion
2 years ago
Yeah what a mess
+1 Reply
SMP99 PRO SMP99
2 years ago
Might get my target today
+2 Reply
greenplay SMP99
2 years ago
You are so very accurate with your SPY target. Right now it is at the blue suport line. If you get achance, could you please post another updated one both for 5 min and 15 min.
+1 Reply
SMP99 PRO greenplay
2 years ago
snapshot
Next level i'm watching is 194.40ish
+1 Reply
SMP99 PRO greenplay
2 years ago
snapshot
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SMP99 PRO greenplay
2 years ago
Unfortunately I haven't had time to review next targets below 194.40
+1 Reply
hakunamatata SMP99
2 years ago
Thank you so very much for posting very informative trading information for not so good technically sound person like myself. Your effort is much appreciated and I look forward to your analysis.
+1 Reply
SMP99 PRO hakunamatata
2 years ago
Thanks for the comment and your welcome. Unfortunately the next move won't be quite as easy to predict as the move down to 194.. We bounced off the lower part the channel. I expect some swings in both directions tomorrow.
+1 Reply
SMP99 PRO SMP99
2 years ago
snapshot
+1 Reply
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