AMEX:SPY   SPDR S&P 500 ETF
465 12 10
Updated notes on chart. Possible Adam and Eve double bottom would confirm above 206.40. It is not confirmed here.
So if we get the 206.4, is an upwards breakout likely?

However, the handle has consolidated below $206.4 and now it has a downward lip.

This Adam & Eve is not a double bottom; it appears not after a long, prior decrease in price, but after a long increase in price, in the larger time frame.

QQQ other movers have a downward lip, too. QQQ hasn't been this high since 2000-05. How relevant or worthwhile is that?

It looks like Monday won't be good.
+1 Reply
KLang PRO GMOTruths
Well - the Double Bottom must be put into context of the time frame. It's a viable idea and as I said, should be taken into consideration. On this time frame, there is no cup and handle IMO.
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Just watch :)
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claydoctor JCrusadr
CAT also report Tuesday, might counter an Apple pop. With all the big earnings reporting, watching for a volatile week for sure, plus Greece elections and FOMC. A week of trading NOT for the faint at heart. :)
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KLang PRO claydoctor
I had not looked up earnings...thanks for letting me know, I was just looking at $CAT for a short next week as I wasn't trading last week.
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Thinking of doing some CAT put options Monday, to catch a pop down after earnings... you shorting Monday or waiting after earnings, safer play?
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KLang PRO claydoctor
Tough call since it's close to the target. If you do try, don't go big. If it gaps down big, buyers might come in and if it gaps up - who knows?
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It will be a nice hammer on Monday then a pop on Tuesday.
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KLang PRO JCrusadr
Wow - are you a fortune teller?
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Haha - I would not be playing the stocks if I were... this is work :)
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