AMEX:SPY   SPDR S&P 500 ETF TRUST
Note the increase in momentum confirmed with RSI / CMF and MACD histograms (those silly after-hours traders mucked up the histogram, otherwise we would have seen a nice clean divergence line). Price action is at sensitive levels so this is not a place for the buy-and-hold crowd to open a position. For Ichimoku fans, future cloud is green with a slight bearish span B (again, blame the pre-market traders for that one), but otherwise the future looks good. I'm ultimately using the rim of the cup (sloping down yellow) as my confirmation that the market views this as a Cup & Handle breakout. Shorts were covering all day today, if we gap up I suspect we'll see an explosive move above the handle.
Comment: Alternatively, a sharp rejection with big volume at 349.50 is a strong short. Watch volume/momentum gauges to confirm.
Comment: Showtime.
Comment: 7am breakout: symmetrical wedge ... look at that volume flow. Dollar for dollar match bulls to bears. Trouble with being a bear is... every time the bulls pull you to a notch toward their side, they pull one of your guys over to their side as they cover. Cheers. Happy Trading All!
Comment: Loving that double-bottom of support before tackling 351.
Comment: Seller exhaustion kicking in.
Comment: Alright. Crazy day. Was half-expecting the stock to just roll out of that wedge and pretend like nothing happened and consolidate for a while. The bears were selling all day long. It was rather amazing the bulls managed to get the price to breakout let alone touch the upper handle. Price rolled over rather quickly and it became apparent that shorting was the game. Anyone who opened and held a short position throughout the day, I congratulate you. I was nearly ready to close mine when it finally decided to vomit in the last hour. Guess everyone is feeling a bit uneasy going into the weekend. Monday should be fun. Cheers.
Trade closed: target reached: Closed LONG @ 349
Trade active: SHORT @ 349
Target: 333
Trade closed manually: @343

Lots of indicators pointing up. Countertrend looks to be concluded. We're going up folks.

Comments

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