SMP99
Long

SPY Fri 10-3 Inverted H&S

AMEX:SPY   SPDR S&P 500 ETF
spy
250 12 3
spy
An inverted H&S that if confirmed would be give a price target just above 197 is worth watching. Also we have a gap below 197 that would be filled with this move. And finally 197.10 are is a 50% retrace of the recent down move from the ATH's. This area also represent the price range in which price broke down from for the move Wed/Thu. If SPY             reaches this area i would expect some resistance around 197.
mike.lawler.969
2 years ago
I agree......then what
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SMP99 PRO mike.lawler.969
2 years ago
well, i have some ideas but first need to see if we hit 197. If we get there, it also depend on how price acts at that level. Once scenario is a full retrace of august rally.
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SMP99 PRO mike.lawler.969
2 years ago
more specifically...that blue downtrend line still has importance. A strong rejection from it may mean new lows ahead...a breakout with successful back test and move up would likely be a positive sign bulls.
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mike.lawler.969
2 years ago
well we will get 197, and then proceed to 198, where we will hit resistance....with 197 being support...are u making real trades, or making predictions for fun
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SMP99 PRO mike.lawler.969
2 years ago
real trades. The pattern i saw says 197-197.30. I'll be exiting my position at 197 and re-evaluate from there.
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mike.lawler.969
2 years ago
197 is a good level for profit taking...if it goes to 198.....197 will probably be support, and one could reenter the trade if it makes sense
+1 Reply
SMP99 PRO mike.lawler.969
2 years ago
Yes I agree. If it gets there that's area to watch
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hehe
2 years ago
... this is very strong reversal formation Descending Broadening Wedge:

$DJI - No Pasaran! - Descending Broadening Wedge
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SMP99 PRO hehe
2 years ago
Was just looking at the possible descending broadening wedge on the spy last night. One scenario I think is a move back down inside the wedge next for bottom possible near august lows. Could set up for a large 191 to 198 move late oct. But watching the potential test of trend line near 197 for now.
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giankee SMP99
2 years ago
Inverted H&S played out beautifully. The bounce off from yesterday's lows was pretty impressive. Today ES broke out of the descending channel it was in (hourly chart) for 2-3 weeks. On the 15 mins, looks like it's still inside that falling wedge...interesting to see how it's gonna resolve but yesterday's and today's action have been pretty bullish so I'm keeping a bullish bias. What do you reckon?
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SMP99 PRO giankee
2 years ago
Yes it did. I bailed before 197 when spy stalled at 196.75 but still great. For next week...before the bottom occurred I was more interested in what the bounce would look like as a tell of whether the market is changing. We were oversold and the bounce was likely due whether a new low is coming or not. Mon/tue may give us a better clue. I'm watching that downtrend line as well...see if spy can break and close above.
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SMP99 PRO giankee
2 years ago
If no close above that trend...August low retest could come quicker than people think.
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