I SPY a Wedgie

So I noticed that my pennant breakout target from yesterday lines up with a resistance line that forms another wedgie. Target is 301, though the market has overshot targets a few times. The way the ASians are pumping futures, we might get that on the gap up tomorrow.

Still expecting a gap up and reversal pattern tomorrow, this just lines up with my expectation.

Comment:

Looks pretty much like yesterday, surprised the gap is still open. Closed out most of my long positions, going into the weekend mostly cash.

At this point, all of the good news is baked in, there's no point in buying though it looks like the market needs one more up day to complete patterns.

Bound to be a big dip in the next couple of weeks, if you're bullish, I'd wait to open any more positions. If you're bearish, today might be a good day to open new positions, though I think I'm waiting until next week.

Comment:

Every stock I look at looks like it needs an exhaustion gap and reversal early next week (possibly Monday). Look at UAA, GM, ANET, XLF, or DIS (or any other DOW component).

My SPY target is 301 and change, I think we get that on Monday with a gap up. Not really worth risking a lot of money to get 0.3% gain, so I'm staying out for the weekend.

GL, have a fun weekend.

Comment:

Just got back from a long lunch (I'm West Coast), pretty much what I expected, a melt up towards my target. FAANG stocks looking weak, but they'll fix that Sunday night by pumping futures I'm sure.

Pretty much at my target so there is a chance it could gap down on Monday. Not worth worrying about, not opening a position here. Have a nice weekend.

Comment:

Hit the target and reversed, but not looking weak. We could just waffle sideways here until the Fed meeting unless earnings takes the market down first.

Comment:

Is it me or does it look like it wants one more bounce off the top trend line?

Looking for short opportunities either way...

Comment:

Appears to be an inverted head & shoulder on the intraday, expecting a pump here (or maybe it happens AH with futures).

Comment:

Didn't get the pump I wanted, but managed to make a little money on long positions, closed most of them out this morning. I guess I should have posted the USAK trade, up big on JBHT earnings.

Comment:

As usual, they'll probably end the day on this line so that the decision gets to be made off hours with futures.

Gap up for another bounce off the top line, or gap down (with possible backtest).