stantrader
Short

SPX - Are you tired? The SPX is Tired... hangman?

AMEX:SPY   SPDR S&P 500 ETF
519 8 14
We have hit exhaustion. We finally made it to 2200, and we did it in parabolic form. Similar to the trajectory of a rocket.

Today we closed above 2200, but not without a day of wrestling with a bear . We posted a hangman candlestick which usually concludes the end of a trend. Furthermore, volume was very light and below average . Every time we have posted a hangman, doji, or shootingstar on light volume and an overbought ( RSI ) market we have reversed. Today we see the same. This is showing exhaustion. This coupled with higher interest rates, and an impending rate hike, show some struggles for the bulls to come. As a historical note, the 10-yr T-Note is at the same level from a year ago. And both times we were going into a rate hike. Trade with caution.

Let me know your thoughts in the comments section.
saylikubac
18 days ago
I will send around 2240 level. I know that 2240 will be top. We won't see this level next 7 years.
Reply
saylikubac saylikubac
18 days ago
@saylikubac, I will sell around 2240 level
Reply
IAMTHEFROG
17 days ago
You're saying the s&p is going to die?
Reply
stantrader IAMTHEFROG
17 days ago
@IAMTHEFROG, hahahaha no, just correct about 10%.
Reply
stantrader
17 days ago
Interesting that we didn't break yesterday's (11/22) high of 220.79. Double top? Time will tell.
Reply
respectbear stantrader
12 days ago
@stantrader, hanging man failed
Reply
stantrader respectbear
11 days ago
@respectbear, it did, but again, time will tell.
Reply
respectbear stantrader
11 days ago
@stantrader, agree.
Reply
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