MarketSwingPlayer
Short

SPY - Short Price action touched trend line and pulled back

AMEX:SPY   SPDR S&P 500 ETF
882 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.
Nice price action here. Love it! :D
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Price moved up and then down so fast within a week. wow Notice the hot potato trend-line and price action. Price like to gap up above or below the line depending on the short term trend. I am wondering if we see a gap down below this line soon. :)
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MarketSwingPlayer PRO MarketSwingPlayer
Price is near hot potato trend-line.
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MarketSwingPlayer PRO MarketSwingPlayer
Price gapped down when touching the hot potato trend-line. Touch price $170.20 Gap down price $170.14 lol :D
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MarketSwingPlayer PRO MarketSwingPlayer
OMG, I am truly blessed. The hot potato trend-line is now confirmed a solid play. Gapped up in up trend and down in down trend. Whewwww! Enjoy folks. :D
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Market Sentiment :
I noticed that the S&P E-mini was up this morning and price was around $170.90 pre-market. Based on the close Friday,
1) The trin was rising higher and giving a bearish signal for the market
2)NYAD New highs were decreasing and new lows increasing on a down trend, which is saying momentum is going down.
3) Put/Call Ratio is high which is bearish for the market.
4) Price action - price pulled back with a large bearish candle on SPY

Now prices are coming down in pre-market. I am thinking people that purchased at the top, may get scared and sell their shares at the open. Seems, bearish for now, but the market can turn at anytime. lol :D
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MarketSwingPlayer PRO MarketSwingPlayer
cont.
5) Volume at close: Heavy selling
6) Price closed near the lows of the day.
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Price action: Why did the price go up?
Price reached pivot point or support at $169.40 and bounced. Resistance is now $170.04. Bargain shoppers in play, plus professional traders bought on the bounce. Wondering if tomorrow will be a green day, because algo shoppers. It would be nice if the price just go down, but patience is key.
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MarketSwingPlayer PRO MarketSwingPlayer
Locked in some profits. Still short. Always remember price go up and down. A down trend is when price go down more than up.
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MarketSwingPlayer PRO MarketSwingPlayer
The market is against you, and want to take your money. I am expecting market maker tricks as well, so be cautious now. The market always want to go against the little guy. :D
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osci MarketSwingPlayer
tnx vy much for updating the chart with your comments during the action! for a beginner like me this is very helpful!!!
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No problem. :D
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MarketSwingPlayer PRO MarketSwingPlayer
OK, the bounce was unsuccessful so far, and the professionals sold off there stock and now buyers are scratching their heads. lol The have been played. I know because that was me buying back in the days hoping to go back to the highs of the day. Not this time! :D
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I see big block buys after breakout. My instinct tells me this stock want to push up Tuesday, cause they want to squeeze the shorts.
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MarketSwingPlayer PRO MarketSwingPlayer
Breakout is when price went above resistance. Normal play here, per previous post. Glad I locked in some profits, will go short again once find good entry point after seeing what the close do and price action in the next day or so.
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MarketSwingPlayer PRO MarketSwingPlayer
The breakout is being retested. This mean price went above resistance and now below resistance again.
Retest price to see if safe to go higher, if not will crash back down to low of day. Let's see.
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MarketSwingPlayer PRO MarketSwingPlayer
This is a serious battle between the bulls and bears. Bulls want price up, bears want price down. Bears are winning so far, lets see if bargain hunters come late in day and push stock price back up or sell off. Isn't this fun. :D Not!
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MarketSwingPlayer PRO MarketSwingPlayer
hmmm.
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MarketSwingPlayer PRO MarketSwingPlayer
What happened, I thought new highs. lol :D
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Price action play by play, that's it folks. Let's see what happens Tuesday. The Bears one that battle! :D
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MarketSwingPlayer PRO MarketSwingPlayer
Correction: The Bears Won.
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FYI...
I never looked at an indicator once today, when I commentated about when the price was going up and down. Just price action, support and resistance, channels and trend-lines. Indicators will make you lose your money. I only look to see if it confirmed my move 2 - 3 days later. So learn how to read price action and ignore the indicators. Just use price action and trend-lines and all your dreams will come true, then you will be buying when the institutions push the price up and selling when the institutions sell the stock for profit. I just learned this stuff over the last few weeks and I can't believe that I had 6 consecutive wins in a row by ignoring the indicators.
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osci MarketSwingPlayer
this was an exiting day around the hot poatato TL. do you also pay attention to candles - eg. 15 min. candles - during the day to anticipate the next price moves? tim morge has some very interesting webinars on the IB Server. he concentrates also just on price action with the pitch fork wtih great success. tnx for the intersting day with your comments. the next 3 days i will be off line - and will miss the action.
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Hi,
Yes it turned out to be an exciting day. I had a lot of fun. Yes candles are important, and a good way to help read price action. That is why I shorted on 9/19. Price touched trend-line and pulled back with a nice big red candle. I always look at different time frames throughout the day. It is like looking thru a magnifying glass, but use longer time frames to view the current trend. A lot of other tools can also help and are good. I just no longer use indicators to make my buy or sells like macd, etc. Usually they give me the signal after the fact.
The tools are fine because they are still using channels and trend-lines support and resistance. Thanks for the compliment, I really love this stuff now. lol
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MarketSwingPlayer PRO MarketSwingPlayer
P.S. I still got a ways to go, in my opinion. I am not done learning. :D
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osci MarketSwingPlayer
here is the link to the free webinar. just thought in case you are interested in you do not have to search the link. there is an pdf-file with the pics also free available. he says like you, its about price action and trendlines. https://interactivebrokers.webex.com/ec0606l/eventcenter/recording/recordAction.do?theAction=poprecord&AT=pb&isurlact=true&renewticket=0&recordID=64324982&apiname=lsr.php&rKey=f898e7e1b03ca9dd&needFilter=false&format=short&&SP=EC&rID=64324982&siteurl=interactivebrokers&actappname=ec0606l&actname=%2Feventcenter%2Fframe%2Fg.do&rnd=8539578727&entactname=%2FnbrRecordingURL.do&entappname=url0108l
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Thanks so much, you are a blessing. I was just reading about him when you sent this reply. I am very, very interested and he was an institutional investor to boot. That is where the money is, and they are the ones that make price move. I was reading this: http://www.trading-naked.com/Tim_Morge.htm
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osci MarketSwingPlayer
you are welcome :-) . i will read the "past" action in 3-4 days.see you
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Cool! See ya later! '_'
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Thanks for the info, I love the pitchfork now. Can see a lot more price action. :D
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sunny MarketSwingPlayer
your commentary is awesome. good job today. Tuesdays are usually up days for S&P right? something about the NY Fed buying Treasuries on Tuesdays?
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Hi,
Howdy,
Thanks for the compliment. I had so much fun. :D lol. I am not sure about Tuesdays are usually up. I did notice an upturn in volume later in the day. But felt the Bears won the battle. I will post my market sentiments for tuesday's shortly based on market data. When I used to go by what I think I would lose money. lol
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Pre-Market Sentiment Tuesday: 9/24/2013 7:45 am
1)I noticed that the S&P E-mini was down this morning, but not by much.
2) Pre-market price action: Price so far is down SPY $169.64 * 0.29