agree. rising wedge last 7 days. Martymcbuy must be very nervous. Dow has breached important moving averages and will bring down the rest of the party a few hundred points at least. Everybody and their mother -in-law expects to buy the dip yet again... and be rewarded. Wall Street has a habit of conditioining the masses, then changing the tune. Big banks and funds need buyers to sell their massive positions here at the top... and retail dumb money is always there to help. First stage sell=off will be quite the party pooper. going into next month's options exp... i think we wave down.
I am newbie here, been following your posts and charts. Thank you for sharing, it is much appreciated. Wondering your thoughts... been watching WFM and OCN and how a downturn may effect those sectors also. Re: spy, thinking if it breaks your tgt here, next resistance expected? Possible 177.72? Thanks again.
I don't really follow that sector, just WFM :) It's a pretty tough sector. I'm more about patterns than "levels." This is the pattern I see on $SPY. Target may or may not hit. Then we wait to see if a bottoming pattern unfolds.
If today's action, we may not have to wait too long to see if that bottom sets in. So if we end a day in the future below the 181.21 level with volume, the next stop on this train could be 177.72? What do you think the next bottom or resistance is? Lots of what ifs I know, but if we were looking for "catalysts" to cause a gain or loss, there are plenty to choose from and more in the wings (debt ceiling, etc.) . Thanks again.