SMP99

SPY Tue 10-7: Gap fill....Inverse H&S?

AMEX:SPY   SPDR S&P 500
spy
10-7-14: Down trend line was tested after the breakout Fri             and held successfully Another test today may happen and if done in late afternoon could coincide with a fill of the gap at 194.64 without breaking back through the trend line . Also watching what may be a possible right should that has formed or will finish forming soon. Plenty of time for this inverse H&S to fail so I'm not assuming anything until its confirmed. But if so...would have a target all the way back to new ATH's around 202.50.
i think its safe to say this pattern has failed.
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snapshot
Updated view, 30 min chart
+1 Reply
so basically 50/50. lol
+1 Reply
SMP99 PRO leokaplin
well, yeah to be exact. I also looked at the RSI's on the 8 different time frames i regular watch and every single one is sitting between 40-52. Not the setup i look for in a trade...so i'm waiting for confirmation of the above or something else to form.
+1 Reply
looks like 1923 on ES coming up.
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SMP99 PRO leokaplin
snapshot
Iooks like gap has been filled and i see still see potential inverse H&S from my view.
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you think we really can go over 200 in the short term.. ????
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SMP99 PRO leokaplin
i'm fairly bearish in the near term...but IF that inverse H&S completes/confirms. Then yes i think it will go above 200 next week. Opex week has been bullish traditionally. Now after that...if the target is hit then last two weeks of Oct could get ugly quickly.
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SMP99 PRO leokaplin
a completed inverse H&S is what also launched the whole august rally so quickly.
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SMP99 PRO leokaplin
lastly...i'm not placing any trades until confirmed as the pattern could fail and we could just as easily be sitting at new lows.
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