SPY Tue 10-28-14 Getting Close

Getting close to two big targets.

1 - the inverse H&S target of about 197.50 created from the bottom two weeks ago.
2 - the multi-year trend line that we lost on the way down

Lots of volatility around this trend on the way down and with the Fed set for Wed, GDP numbers Thurs....could see more of that type of action.

Alternatively, during the August low prices tagged the line and ran higher. Might also get that type of reaction with a pull back down to 192. With conditions moving to overbought i see very little reason to be long right here in the short term.

A close just right under that trend line today would not surprise me. That will set up for two scenarios tomorrow i think. Another gap up open around 198.10 that gets faded into Fed announcement. Sideways actions around the 175.50 area until Fed announcement.

Related Ideas

Zoomed out some. Maybe we get an overshoot, hard to say. But I can't see how some profit taking doesn't start around here with a near vertical 150 pt S&P move.
Lesha22 SMP99
huge selloff @2PM?
SMP99 Lesha22
in the last release on 9-17-14 we got both. 10 pt immediate drop. 20 pt rise into 3:15. Then 10 pt drop to close then day unchange. Sounds crazy but maybe something similar. With any real weakness or pullback to follow on Thu/Fri/Mon. Just a guess.
we also on that day has similar setup. Gap up open. then steady selling into about 1:30.
of course, days leading up to that meeting were much much different. so really, nothing will surprise me. bottom line, a modest pullback at the minimum is due over the next few days.
SMP99 Lesha22
I like to watch the SPX500 as well for trends. This channel has been important since the blast off on 10/21. If a sell off is to occur in the next day or two it will likely coincide with a break lower in this channel.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out