nmike

SPY update (daily)

Long
BATS:SPY   SPDR S&P 500 ETF TRUST
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(still LONG with CAUTION). SPY is still within the upward channel and above the 50MA. Fisher is diverging from price but still above mid -point. Currently SPY is at a critical area, just above the 50MA, close to bottom of channel, support 1 and the .236 Fib. level. Failure to hold these levels could see SPY fall to .382 Fib level and or s2 short term.

Comments

Of all you SPY chart analyses which are fascinating, I like this one the most because it is accurate in prediction yet very simple. I keep coming back to look at it.

Today's volume is huge (highest since Nov 16, 2011), weekly Stochastic (14,3,3) penetrated 80 line from above, weekly MACD flashes a sell signal, and price dropped below below the weekly mid BB (14, close , 2). When this happened last two times, price dropped to 50Wma within three weeks (currently at 149.87 and corresponds to 0.382 Fib level in above chart). Do you think it will happen again this time?
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nmike huntingsniper
@huntingsniper, I'm glad you like my SPY charts and I hope it's helping you with your trading. Not sure about you indicators set up,but here is a chart with up to date Fib levels. Judging by the negative money flow it's likely that SPY will hit the .382 Fib level or the bottom CLONE channel near term.
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One month later, SPY is at a very similar critical setting again with only at a higher level (Resistance becomes Support 1 in the chart above). Will it hold this time?
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nmike huntingsniper
@huntingsniper if we break that resistance which now is support and then break channel I think we go down to support line 1 and let's see if Fisher falls below mid point.
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>>> if trend continues next target is a CLONE of current channel
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>>>>>TOP channel HIT...let's see what happens here
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164 ?
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nmike Dmtz4444
@ Dmtz4444 164 is about right
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.....likely next up target, top of channel
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164?
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