Recovering Management Consultant, 15 year Swing Trader, Guitarist, reminicenst sailor, terrible speller. All tweets for entertainment. Not Investment AdviceJoined December 2011
SPY Weekly.
# Bars making new consecutive highs still dominating bars making consecutive lows.
In a trading range for 7 months but no real excess at highs make me thing we are going back up there.
Besides, nothing broken in the bullish price action since last April
$SPY Monthly (using VOO as proxy)
Doji bar in May.
On monthly chart, Doji signals probably trading range action coming up.
Lots of bulls have big profits from bull leg and will start taking profits now that we are over a year into the bull move.
Not bearish but not pushing
Things to do in choppy markets:
1 - reduce your focus list (to 1 or 2 names)
2 - watch for relative strength
3 - move slowly - the market isn't going anywhere
4 - reduce your sizing
5 - sit on your hands at the open
$SPY/$SPX
Nothing to sell on anytime frame.
Mthly and wkly charts in bull climaxes with targets above.
Daily chart has 10 consecutive bull bars, each with higher daily lows. A pullback will be bought. Waiting for bear set up first.
$SPY Weekly
Bulls sold and are ready to buy.at trend line and previous lows at 381 continuing to BTD until failure - 1 loss, many wins
Bears like repaired poor high with a double top hoping for drop through base of the pattern(371) and measured move to near 346.
$SPY at an area of interest. Purple is ascending 5 day sma on 15 min chart. Reasonable low of the day in place but if it breaks then lots of room to the MA
Liking $RIDE here too. Again, good location for longs. Not as strong a set up as $BFLY because we don't have recent strength up to pull back from. Still a decent wedge. Might need to take a paper cut or two
$SPY/$SPX
Mechanical trading in Futures so far. 1st push reversed at overnight high. 2nd push reversed just below yesterday's high. Good for bulls if price stays above overnight highs
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