AMEX:SPY   SPDR S&P 500
737 8 4
Bearish on SPY: Expect a short-term pullback to the 50DMA in the following days.
SPY             should drop to around the 130 level.
Agreed.
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Followed.
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Juan, that was really awesome idea. Could you please update you analysis on SPY? What are you expecting at this point?
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GeoPax charttrader
Posted on the other chart.
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good job
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Entering a short position. What is your opinion about stop loss here? What should i do if it breaks 2001's high?
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Agree. What is your opinion on this?
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GeoPax charttrader
i find it highly unlikely. this scenario would play out if you have a greek default or something similar. but i doubt that will be happening soon. i actually consider it more likely that the market nears the highs of 2007. after a short-term pullback, im expecting the market to have a third leg up. and then you will likely be having some major event (i.e. some country European country defaulting) and you would see the SPY drop from 150 to 100.
i posted this some weeks ago:
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