SPY Mon 9-29

9-29 Mon: The downward channel from the ATH             is still working quite nice. Thursday's low matched up nicely with a 50% retrace of the entire August rally. Next levels to watch below will be 194.82 and 193.21. If the lows are broken after the open SPY             could test the 194.82 area today and still be within the channel.

Top channel line should be watched closely as the 4 previous pull backs ended with a break of the top downward channel . With 3 of last 4 breaks occurring with large gap ups on the morning open.

The current top trend line matches the following prices for the next couple days open:
Tue - 197.40
Wed - 196.60

I have a small put position opened from Friday's ramp and will look to close today. After that i plan to watch and wait, depending on action I'll begin to look for a small long position for what could be a strong back half of the week.

5 min 200 MA hugging for support
+1 Reply
SMP99 QuantitativeExhaustion
possible we've seen both the high and low for the day?
+1 Reply
more pushing
SMP99 QuantitativeExhaustion
gap fill time
+1 Reply
SMP99 QuantitativeExhaustion
gap fill during the noon hour might setup a nice retest of 197.22 this afternoon.
+2 Reply
yeah I'm getting a stack of signals ..
+1 Reply
I like how you plan your trades
+1 Reply
SMP99 QuantitativeExhaustion
Thank you. I think a weak mon/tue could potentially set up for a very nice back end of the week. But still very early. I plan to mainly watch today/tomorrow. Of course any long position i take will be loosely held as my conviction towards any trade right now is not that strong.
+2 Reply
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