damoonmotamedi

SPY - Do you remember that weekly head and shoulder?

AMEX:SPY   SPDR S&P 500 ETF
83 5 2
SPY             is at a critical level. If it closes above $211.5 on weekly basis, weekly head and shoulder will be negated!
It is at the top of a two year range. Some kind of shorter-term topping pattern will emerge if the S&P is going to reverse. The rally has been very strong and there will probably be a smaller range at the top of the larger (2 year) range before it drops. Of course the rally could continue up, but the odds are against it.
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damoonmotamedi MichaelRudelich
8 months ago
Never short a market based on "Odds or Hope of a reversal". Market always move way more higher and stop you out of your position.
First see the reversal happens and then go short. At the moment with low volume (average 65 million on SPY) odds are favoring upside and even new all time high.
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MichaelRudelich PRO damoonmotamedi
8 months ago
I am not short the market; I'm long and have been since May 20th. I said that the odds are it will reverse, but it needs to form a top. There is no top yet. And if it does the low probability thing and continues up, so be it. My longer-term upside target for the SPY is 219.06 (but it could begin to fail at any time). Please read what I said before you reply.
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damoonmotamedi MichaelRudelich
8 months ago
My apology MichaelRudelich for any miscommunication. I'm glad you are on the right side of the trade. $219.06 is quite higher than my expectation which is a simple double top at $213~$214 level.
Hopefully the trade works fine for you.
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damoonmotamedi
8 months ago
So, As it stands we are not going to negate the HEAD AND SHOULDERS (Big money didn't want it to happen, yet!!
*** That could be troubling sign ahead ***
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