play4trade
Long

$SPY... Changing my thesis... Yes, I'm LONG THE MARKET

AMEX:SPY   SPDR S&P 500
69 3 0
BIG TIME FRAME is in control... Most people won't see this (And I almost missed it)... We may squeeze higher to new highs as I am seeing Bullish progression at a very important SG             . This week we should workout the little bearish momo on smaller and intermediate TF and up we should go.
Looks to me like you're trying to force a wedge out of that formation.. if you are right to see a wedge, just be careful as the bar on 2014-09-11 at 17:30 would have been the failed breakout bar that has been clearly denied and smacked down by the next bar in response.

Anyway, wish you luck and maybe you will be correct. A lot of economic news out next week, FOMC meeting, plus the Scotland independence vote, anything could happen!

All the best, and profitable trading.

- Mike
Reply
Thanks Buddy... We will make new highs... It's a certainty... If not next week, week after... I haven't looked at news in Years... It's for retail traders to make sense of market... Only focus on price action... News simply moves market to where it was going to go... Focus on larger time frames... we are in mark-up mode on Monthly... it hasn't shown any signs of slowing down...
+1 Reply
ZDRuX, you see wedge now?
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