DuncanParker

Put-Up or Shut-Up Time for SPY

BATS:SPY   SPDR S&P 500 ETF
109 2 1
If new highs are in order here we'll need to see this setup (or another attempt emerge) trigger sooner than later. Patience is in danger of running thin in the bull dugout and bears have stalked their prey with incredible diligence. Inability to take out new highs fastidiously could signal to bears that the buyers are done for now and that the coast is clear for them to take a shot on lower prices in the near future.

Keep in mind that we've seen a few of these setups fail to trigger bullish as of late. A strong break above (and hold above) the neckline could indeed have us well on our way North of 1700 with the immediate setup targeting 1704-5 with a breakout target to 1730-40. A good time to move into cash and enjoy a later summer vacation; there'll be plenty of time to position for profit once price escapes the current purgatory. Bullish or bearish , make the market prove it to ya! Good luck out there!
@DuncanParker @JR published an idea on the SPY daily chart last night. Thought you might like it.
SPY New High Trend Channel Targets
Looking at 174-75 in the next 1-2 months as long as we stay above 170.
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DuncanParker PRO StockMarketMonk
Thanks SMM - appreciate the head's up! I'm seeing a top now around 1729; if we break to the levels noted (above 1740-5) it's possible 1805 could be in the cards. Sounds crazy, but really it's just a couple percent. I'm anticipating a major reversal soon. For those with a long bias, I recommend raising cash & harvesting profits over trying to squeeze the last little bit of this huge bull run. Tops happen fast...
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