whiteknightmoving
Short

SPY SPX Looks boring! (Don't Let it Fool Ya!)

AMEX:SPY   SPDR S&P 500 ETF TRUST
Past few days has been a chop up and down. going nowhere... or so it seems. If this (yellow) triangle is correct it would explain the energy packing for the next move.
I am looking for a move down soon.... lets see if SPY does in fact drop down in the bigger wave 3 (or B) to complete the Deep Crab Pattern (blue)
I am bearish on SPY

Comments

Have you noticed that almost everyone is bearish? This would decrease the possibility that markets are going down.
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@dragonus, I agree that if almost everyone is bearish, that should be a "bullish" outcome. However I don't see that. The CNN fear and greed is at 58 as I write this (slightly bullish - not bearish) also cboe put call is actually showing most traders are loading up with call options.... so I think the majority are actually bullish at this point, not bearish. Hence an increased probability of the markets going down... we'll see soon enough... gotta break out of this triangle pattern
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dragonus whiteknightmoving
@whiteknightmoving, Thank you for your reply and information. Agree with you. What do you explain almost everyone on Tradingview have been bearish since early this month? In fact, should we trade in the opposite direction until today, we could be more successful in this business.

By the way, where do you check CNN fear and greed reading? Is there a web URL? Thanks again.
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@dragonus, hey brother try this money.cnn.com/data/fear-and-greed/
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dragonus whiteknightmoving
@whiteknightmoving, Thank you.
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dragonus dragonus
@dragonus, It's about the cases of 100 MA crossing below 200 MA from stats of history.
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my guess is that they are drawing a minima on the 1h~2h MACD to attract buyers, and "as always" for unexpected reversal they will draw suddenly a consecutive second lobe downward on the MACD instead of the classic parabolic inversion. this kind of trap is as old as world but always works
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