wsokol
Short

SPY: distribution continues.... bear market is here.....

AMEX:SPY   SPDR S&P 500 ETF TRUST
doesn't look good for monday or tuesday.

it would not be smart to go long. not yet.

we are at 2017 levels on spy . there is no way anyone can tell me we are in a bull market.

times like this require courage to stick to your judgement and not let the market play you.

many people thought after a 3% down day that we will have a relief rally. which is the reason we probably won't. the market always does the opposite of what the majority think...


Three Outside Down Trader Psychology

The first candle continues the bullish trend , with the close higher than the open indicating strong buying interest while increasing bull confidence. The second candle opens higher but reverses, crossing through the opening tick in a display of bear power. This price action raises a red flag, telling bulls to take profits or tighten stops because a reversal is possible. The security continues to post losses, dropping price below the range of the first candle, completing a bearish outside day candlestick . This increases bear confidence and sets off selling signals confirmed when the security posts a new low on the third candle.




happy trading fellow dreamers.
sentiment is highly bearisj right now friend, so if the market does the opposite of what everyone is thinking then it appears the risk is to the upside.
Reply
wsokol ARCHIDUKE
@ARCHIDUKE, i didnt get that impression last week. a lot of people were buying the dip. a lot more than opening up new bearish positions.
Reply
@wsokol, I am guilty as charged, I bought the dip at close, I was a bit encouraged by the last 5 minute candle and when Trump announced the additional tariffs ,SPY ddnt dip, usually when bad news hit and the stock doesnt move down , its usually means the bottom is registered, but then again, I could turn out completely wrong.As a side ote, stocktwits is currently flooded with berish posts right now.
Reply
wsokol ARCHIDUKE
@ARCHIDUKE, we should know very soon.... :-p

good luck to you
Reply
Shortatwill ARCHIDUKE
@ARCHIDUKE, I want it to go up 2 days monday tuesday to 289 so i can short again. Also spy does not stay oversold for long with that said longterm deff %10 down potential by the end of year if you bet medium term
Reply
wsokol Shortatwill
@Shortatwill, we will know very very soon. :-p
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