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.
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.
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
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
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.