SMP99
Short

SPY Tue 10-28-14 Getting Close

AMEX:SPY   SPDR S&P 500 ETF
spy
213 7 2
spy
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.

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SMP99 PRO
2 years ago
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SMP99 PRO
2 years ago
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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.
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Lesha22 SMP99
2 years ago
huge selloff @2PM?
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SMP99 PRO Lesha22
2 years ago
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.
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SMP99 PRO SMP99
2 years ago
we also on that day has similar setup. Gap up open. then steady selling into about 1:30.
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SMP99 PRO SMP99
2 years ago
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.
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SMP99 PRO Lesha22
2 years ago
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.
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