So far the market is in a holding pattern, this is not very bullish, after Friday's move there should be follow through. Right now we seemed to be stuck in a trading range between $114.40 and $114.80 on the SPY. In the past which ever way the market broke out of the range is the way it would close, but now-a-days, I'd expect to see several false breakouts.
The 5 minute 3C is negative, it could impact prices today, the 1 min has a divergence here and there, but is largely tracking price.
5 years ago
6 comments:
When this cracks, oh boy!
Brandt, GDX weak the last days. Leading indicator not only for GLD but for equities in general imho.
BRANDT. When is this thing going to COLLAPSE already? Since JUNE 2010 the SPY has been moving **(SIDE WAYS)**...and going UP and DOWN within a certain range since JUNE. Now it look like it is going UP. I thought SPY broke SUPPORT near JULY 1ST at 102. When is this going to SUPPOSEDLY COLLAPSE?
BRANDT. When is this thing going to COLLAPSE already? Since JUNE 2010 the SPY (DAILY CHART) has been moving **(SIDE WAYS)**...and going UP and DOWN within a certain range since JUNE. Now it look like it is going UP. I thought SPY broke SUPPORT near JULY 1ST at 102. When is this going to SUPPOSEDLY COLLAPSE?
There is only one surefire 100% way of knowing when a top or bottom is put in. Would you like to know the answer? The answer is hindsight.
Looking into the future you must take all the signals and then to the best of your abilty uses those to make your trades.
QS-You stole my line! Every class I said that. LOL
H&S top pattern wise, August looked like it would be the collapse, but as usual the Fed intervened. There's a decent video of CNBC the European division with an interview with an analyst that explains POMO and why he says it won't work much longer.
I think in the end, after all is said and done, you'll see how all the pieces fit together and why, but they are connections you just can't make now, you don't have the information, they do.
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