AMEX:SPY SPDR S&P 500 ETF TRUST
All the notes are on the chart, yo. If $226 gives out tomorrow, I'll be short.
As of Friday's close, SPY didn't drop as far as I was hoping today. As things stand, I expect price to drop to the channel low on Monday. The main downtrend line I have drawn can now be mirrored to create a downtrend channel joining the Dec 14th LOD (low of day). Have a great weekend!
Morning - Mon Dec 19, 2016 - So far SPY is just retesting broken support at 225.80. There isn't anything particularly bullish about the price action yet. Expecting lower lows on the hourly timeframe and the channel low to hold when tested.
Well, SPY is not cooperating. Any trade over today's closing price and this position gets stopped out.
Well well well. Today's trade never got above yesterday's closing price in any convincing way. Let's see what it does at the channel low. That should tell me what the rest of the year will probably look like. I would LOVE a quick spike in volatility with a rally up to right about here actually (and yes, I HAVE asked Santa for it). : )
EOD, Dec 22nd. Trade is very quiet right now. Looks like there might be a little more weakness in SPY left having broken below its channel and 100hr MA. I really wish I could update charts or at least mark in a way that people know what I added post publishing. Looking for about $223.
Trade closed: stop reached:
Well, I had my concerns last Friday, but now that SPY has reached a previous hourly high, it's time to bail. The light volume week should lend itself to higher prices.