AMEX:SPY   SPDR S&P 500
171 3 2
Weekly Chart for Tactics. Bullish Chart & Price moving through the "Value Zone"
Risky time to be betting long, IMO.

Take a look at how price reacts to the 390 SMA, for instance. Any time it's broken, a retest will usually happen (it's happening right now), but that's followed by a long downtrend. Just check it against the 2000 and 2008 bear markets. Things are shaping up to match those two conditions (with respect to the 390 SMA) almost perfectly, and we're at the point TODAY where that final pivot to the downside gets put in.

Also, there's all kinds of major trendlines that are converging above the price right now, so a lot of upper resistances, on top of a slow forming rounded top. I'm not sure I'd call this a "value zone" at all for going long. If you asked me if it were a value zone for shorting I'd have to pause for a moment to think about it; because the reasons are definitely there to be bearish right now, IMO.
+1 Reply
fibline PRO JamesBrown
Let's see if this holds up into the end of Oct. Cheers.
Reply
I gotta admit. Your call is looking pretty decent so far.

I'm feeling a bit like a trapped bear lately. Cheers to you, too.
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