themarketzone
Long

This bullish pattern will be tested when markets will open

AMEX:SPY   SPDR S&P 500
$SPY managed to hold above support on a Volatile expiration day last Friday.
Both Bat pattern (blue) and the daily triple bottom patterns remained valid as the price closed above 185$
*notice that B point didn't touch the 50% - Not a perfect Bat pattern

Potential targets - 193$, 196$ and 200$ (re-test of broken trend line )
Stop loss - Should be at least below Friday's low

Tomer, The MarketZone
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would be glad if it works ur way as a it would form a head and shoulders pattern and then a perfect shorting opportunity at fib level 61.8
+1 Reply
That definitely would mark a classic retrace. However, S&P 1921 was the 20 month balance level (and 20 week) telling me the larger players have sold out that level and a large shift in trend is occurring; 1921 is a VERY strong inflection point. I am short/mid/long term bearish unless 1921 becomes support, if that happens, I agree with your target short term.
+1 Reply
themarketzone smitheric1970
I agree it's a long way up with plenty of resistance levels on its way.
Reply
If Iran/CL doesn't fuck us, I agree with this wholeheartedly.. fingers crossed this news was priced in, but I see a potential flash move early Tuesday. I'm long $XIV from 22s, bleh.
+1 Reply
I'm long from 1872, agreed.
Reply
Thanks. Call me crazy but I see opportunities in Energy sector.. Can be an interesting week, although I expect things to take some time as fear still dominates
+1 Reply
IvanLabrie themarketzone
Same view...I'm glad we might appear crazy.
+1 Reply
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