SPY great squeeze higher on friday off the NFP number. I do think its overall bullish however in the short term I do not thing its sustainable. Any moderate to large gap ups on Monday I will be aggressively searching for short setups for a trade. I do not believe this is a breakaway gap.
Comments
marti_marti
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was there this 3rd GAP on Friday ... or wasn't it ? tradingview.com/v/hH0ZISTQ/ , if there was no GAP then bears have even bigger problem ... music is playing louder and louder.
very true nice chart. I do however think things are a bit different now that we are in this stage of the rally. At any rate i am not suggesting a swing short by any means, merely a quickie to the downside.
KevinT
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The patern is still bullish indeed. But what I doubt is whether this gap will close before continuing the uptrend.