SMP99

Both 195 and 199 by Fri 10-3?

AMEX:SPY   SPDR S&P 500
spy
Both 195 and 199 by Friday? Seems very possible. I've been looking for a RSI divergence on the 60 min and one more push down today/tomorrow could likely give that. This could be the signal that a reversal is about to happen. Also possible to see a failed breakout above the downward trend line similar to the last pullback before a final push lower.
maybe this time, we go lower?
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SMP99 PRO leokaplin
absolutely possible. But i'm not positioning for that to happen just yet. I'm watching to see what happens after noon today. Possible re-test and punch through lows to the 194.80 area might be in store. If so, that could be the low for this week. Key word being " this week".
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SMP99 PRO leokaplin
to clarify, i'm thinking the trend line that has lasted for over a year will go soon. But what might confuse the most people...bulls and bears? Maybe a low this today/tommorrow and instead of the normal march to ATH a quick retest of this line next week that fails.
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now where?
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SMP99 PRO leokaplin
194.40-19.50. Should bounce off that. For an hour or a day, not sure yet.
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SMP99 PRO leokaplin
also watching IWM as a cue. 107.15-107.40 seem like last area of support for it. We'll see if holds this afternoon
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SMP99 PRO QuantitativeExhaustion
the 50% retrace at 196.20, which we hit today, is the only thing making me cautious about being able to hit 195's. A big down push tomorrow during the morning would setup for a nice turnaround Tuesday. We'll see.
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