mojeauxgrey
Long

S&P - "W" Buy signal with confirmation levels

AMEX:SPY   SPDR S&P 500
49 1 0
A possible outcome:

Continued correction of the market to either ~1870 or ~1820 on the S&P             . At these levels the 50DMA will likely drop below 2000 (2nd week of Oct for 50, and the 200DMA will move below the 2040 level in December.

This sets up a nice buy signal with a confirmation at 1905 after whatever low it reaches, and confirmation at 2005, 50DMA & the ride higher at the 200DMA. For risk takers buy at S&P             at 1820 or lower. I suspect rate hike in the next session (with wording that they will return to ZIRP if necessary) will mean a volatile drop then spike with a sharp "V" completing the W not long after heading into a Santa Claus rally. Failure to hold 1820 or inability to break 50D/200D MA, means we might be headed lower.
Looks like I pegged that one. Hopefully it's the start of the Santa Claus rally. I'm long.
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