MarketSwingPlayer
Short

SPY - Short Price action touched trend line and pulled back

AMEX:SPY   SPDR S&P 500
888 94 2
Price action touched trend line and pulled back. We may see another retest to the high side, but now going lower.
Can't wait to see the price action near the hot potato trend-line. Price gapped down once went near the hot potato trend-line and price closed below the line as expected.
Wow we had so much fun going down. I am long now and will create a new chart. Cheers
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Price is now underneath the trend-line. Let's see what happens with price and govt issues before long. Price may hold or go down further.
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No longs today, market is in fear now. Price under trend-line. Wait for the air to clear. govt etc for now
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High for the day $168.20 - $168.35 then down.
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Price should bounce this morning, unless disaster news come out. Price is near a pivot point where price bounce within the channel. Looking for long then short intra-day entry today.
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With all these so called rallies, price is just going down overall. No new highs.
Max price SPY can go today based on MM program is lower than the last high. ($169.05) Seems very weak.
Depending on the close, If price not near upper or lower channel line by close. ( Bull trap chart) Price can go up or down Tues.
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Hopefully the buy bots will show up around 1530 today and run the price up to $169 or close, so I can go short again. :D
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We should be looking at price action this week near the trend-line. Looking to long soon , but govt issues got me waiting for now. If I see price hit my goal of $165.50 - $166ish. I may purchase a small position of Dec Calls. But the way things are going now with the govt, we may drop lower. :D
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MarketSwingPlayer PRO MarketSwingPlayer
I feel it is just not a good idea to be long yet. You need to decide your pain threshold if price drop like a rock before you make a decision for yourself. I post updates on the market at stocktwits as well. http://stocktwits.com/MarketSwingPlayer
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MarketSwingPlayer PRO MarketSwingPlayer
I gave the heads up 4 days ago, what price range was the best to go long. Congrats to those that did and if not hopefully we will have a pullback for an entry point. Cheers :) Could not observe price action before the gap up because happened overnight in futures. That suck.
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