nmike

SPY 240 (be ahead of the daily)

BATS:SPY   SPDR S&P 500 ETF
671 10 6
SPY             monthly, weekly and daily main trend is still up.The 240 minute frame is showing a bearish candle stick pattern at top of channel, negative divergence and near the BB50 upper band. Price will most likely test the bottom of channel.
This is a simple system good for short term swing trading and to find good entry points for long term holds.. ENTRIES and EXITS : a combination of candle stick patterns(know them), channel boundaries, upper/ lower BB(50) band, overbought / oversold stoch-rsi and divergences. Basic trend change is when the the 10MA crosses the 50MA.
NOTE: if candles stay completely outside the BB(50) it signifies strong selling or buying pressure, when this happens start looking for candle stick reversal patterns and divergences
nmike MOD
4 years ago
price did not close below previous candle, momentum to the upside continues....let's keep an eye on the above resistance
https://www.tradingview.com/e/4os2kaRM/
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nmike MOD
4 years ago
Well folks I got admit the DEC.20 action even fooled me. Even with the bounce, the stoch-rsi kept going down,The original analysis was correct.The point is that when analysis is done properly you should follow it accordingly. Look where it landed today, right at support. For the upside trend to continue, SPY must get back into the channel and stoch-rsi must turn up.
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nmike MOD
4 years ago
price below support, unless there is some good news soon next downside target is 140ish
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nmike MOD
4 years ago
...above "S"
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nmike MOD
4 years ago
....THE ARROW IS GREEN.... remember folks, Mr. CHART does not know what a FISCAL CLIFF is or what an i-PAD is or a Big Mac or a Ford. You can love the products but don't fall in love with the security... Fundamentals can be confusing more often then not and markets can be manipulated by the Big Boys, but CHARTS DON'T LIE and they can't be manipulated... and I know I said this before, when analyzing charts TURN OFF you personal and emotional BIAS.
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nmike MOD
4 years ago
An bullish engulfing candle at bottom of BB with a positive diverging STOCH-RSI. That was the last long signal.
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nmike MOD
4 years ago
CAUTION going into next week, negative divergence at resistance, key will be next week's CANDLE https://www.tradingview.com/e/POUcTEjk/
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nmike MOD
4 years ago
https://www.tradingview.com/e/MXFfqzcH/
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nmike MOD
4 years ago
SPY & EURO update by Mr Candlestick, Steve Nison....may the candles light your way NOT the headline /blog/sp-breakout-and-fx-bull-flag-forming/#
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nmike MOD
4 years ago
http://www.candlecharts.com/blog/sp-breakout-and-fx-bull-flag-forming/
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