NAPit
Short

Stalking the long entry

BATS:SPY   SPDR S&P 500 ETF
145 0 0
Arrows - Buying/Selling
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Notice the sideways movements; those are usually a sign of accumulation.
Also notice the buying at trend line - fairly bullish .

I'm expecting a move up next week, but I do believe there will be lower prices in the beginning of the week.
My biggest fear right now is missing my long entry, I've been stalking a long trade for 2 weeks. I missed the move before QE3, so now I'm trying to buy in the dip.

Reasons why I think we'll see lower prices still:
1. Volume . Daily volumes have not been high enough for me to believe that we're ready to take off
2. Longs. institutions could easily shake out the longs that bought in above the trendline.
3. Hourly chart is suggesting a further move down. There still seems to be too much supply.

A good buy zone is 145 - 145.5
A conservative buy is around 144.5

Hourly chart: http://www.hotstockmarket.com/content/type/61/id/159954/
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