SP500 - SPY - Daily - Rolling over might be too obvious here
Mysterious "Island Gap" bottoms in the S&P500 is a odd sign. It is a sign of overnight news driving major price moves.
What I want to see is if the market can hold onto the gains since all of these basing patterns. I will be watching for what happens after the same amount of time here in the base expires. I measured 28 bars over 39 days (see the bottom of the chart). If the price begins to roll over after that amount of time expires, then I would imagine that we are going to go BELOW those levels. Why? Well, I've seen a lot of stock market bottoms in my nearly 30 years career of using technical analysis in the markets and I don't recall seeing a bottom as unusual as this one, so I am suspect of it.
It looks like we could go a little higher to challenge the 203-204 area where there is very little volume traded, which is where there are a significant number of sellers, and see what happens there.
SO - I'm suggesting to Hold Off here at 200 and leave this "roll-over" signal alone and instead to sell at 203-204 with additional sales going back under previous day's lows. Also sell on range expansions down once we reach 203-204.
(SEE SHORT POSITION ENTRY ZONES ON CHART WITH STOPS)
We are just entering the Earnings Season and we can expect unusual movements as these companies provide guidance on how the quarter is progressing. The market has been without guidance for the past couple of weeks as many stocks are in their "QUIET PERIOD" leading up to their earnings reports.
Remember to use your "COUNTDOWN TIMER" in the quote box to show you how many days remain until the next earnings report on each DJIA item.
Tim 8:50AM EST 10/14/2015
What I want to see is if the market can hold onto the gains since all of these basing patterns. I will be watching for what happens after the same amount of time here in the base expires. I measured 28 bars over 39 days (see the bottom of the chart). If the price begins to roll over after that amount of time expires, then I would imagine that we are going to go BELOW those levels. Why? Well, I've seen a lot of stock market bottoms in my nearly 30 years career of using technical analysis in the markets and I don't recall seeing a bottom as unusual as this one, so I am suspect of it.
It looks like we could go a little higher to challenge the 203-204 area where there is very little volume traded, which is where there are a significant number of sellers, and see what happens there.
SO - I'm suggesting to Hold Off here at 200 and leave this "roll-over" signal alone and instead to sell at 203-204 with additional sales going back under previous day's lows. Also sell on range expansions down once we reach 203-204.
(SEE SHORT POSITION ENTRY ZONES ON CHART WITH STOPS)
We are just entering the Earnings Season and we can expect unusual movements as these companies provide guidance on how the quarter is progressing. The market has been without guidance for the past couple of weeks as many stocks are in their "QUIET PERIOD" leading up to their earnings reports.
Remember to use your "COUNTDOWN TIMER" in the quote box to show you how many days remain until the next earnings report on each DJIA item.
Tim 8:50AM EST 10/14/2015
Komen:
Approaching sell zone ... a bit more upside to get there...
Komen:
ENTRY SHORT ON FIRST POSITION 11:15AM EST 10/20/2015
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