Related Articles
Article from 4.19.13 – “Market Correction with Warning Sign“
Article from 4.27.13 – “$IWM Researching 13 Years of H&S Reversal Formations [VIDEO]”
Article from 4.30.13 – “$SPY Trading at a Pivotal Level [VIDEO]“
[divider]
4.30.13 Tuesday
[divider]
Entered Bearish Positions @ $159.54
Primary reason – “Volume must confirm the trend” (Dow Theory)
Other reasons – Watch this video from today.
[divider]
5.1.13 Wednesday
[divider]
Today’s Volume Engulfs Last 6 Days
I expect $SPY to come down to test that $154 lows as support. We possibly forming double left shoulder, double head H&S formation.
Nice analysis, but the market is ridiculously stubborn as of late and just keeps going higher. There SHOULD be a correction… but who knows for sure. Anyways, would you stop out if it comes back to test 160. Or do you think this is a final push and than down we go from here? Thanks in advance!
Killerfunpizza1 u r right. it has high chance that it could continue higher from this point seeing today’s come back after yesterday bearish move. volume still lower than yesterday and IWM IYT still showing much bearishness. $SPY could tag $161 tomorrow if bears dun push this thing down immediately
Dear Kay,
Now Spy is way over your entry put point. Did you get stopped out or are you holding out for potential correction which everyone is hoping for but market decides to grind higher?
drerichu hello. I stopped out on this trade a while ago. And from the looks of it, market is going to grind higher from this point on. We probably going to see some pull back here and there but I don’t think we are going to see a sizable corrective move for sometime.