senobwas

SPY Santa Rally?

AMEX:SPY   SPDR S&P 500
548 3 1
Possible bounce if the last uptick is held up to next down trendline . But price bump above 200 dma could be the 4th fail
and then it is down to the floor! Playing small long position to next trendline then short with a tight stop.
early morning update : Italian bond auction was a success, the yield is still around 6.8 %, so no completely out of the woods yet. S&P futures are up right now. expect a bullish morning, dunno about the afternoon. cheers
Reply
I would like to see a rally but the following are stopping me from entering a long position on the SPY

1) USD : Although the market is technically up, the USD has been holding steady at the same level, i usually tend to stay away if i don't see a downtrend in the USD.

2) Europe : Italian Bond Yield are above 7 % again. Another bad sign for the markets. But lets see how the auction goes tomorrow.

3 ) Volume : low volume over the past 2 weeks or so.

Until i see changes in direction in the USD or Italian bond yields, i will stay bearish on the market. And your charts pretty much indicate very strong resistance a the current level. Will see.
Reply
Fully agree on this. Still holding short position with 130 stop. Will see...
Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out