Chartaholic
Long

Traps Abound Prior To Holiday

BATS:SPY   SPDR S&P 500 ETF
108 0 0
The market appeared to be putting in a bottom around 1130 on Friday. There were several buy signals prior to 1200 and also given by the bull candles and higher highs shortly after 1200. The market then dropped violently to the 163.20 level at around 120. This trapped longs that expected a bottom to be forming. The rest of the day was a series of traps - catching both longs and shorts - The violent swings were a shakeout pattern The last bar of the day was a strong bull bar with heavy volume . I'm expecting the market to gap higher on Tuesday after the Holiday.
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