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SPDR S&P 500 ETF Message Board

  • ibdman15 ibdman15 Dec 8, 2012 12:58 PM Flag

    Inverse H & S on SPY in hourly timeframe is too obvious

    with a target of $148. but all the TRADERS see it so it likely won't play out

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • The other thing to consider is a multi year sell signal in the NDQ 100 was triggered on tha MACD monthly on NOV 1, 2012....and continues to indicate rough sledding ahead. That coupled with AAPL's collapse and likely further collapse to at least $425 and possibly $210 (the 70% average correction of a high flyer) will destroy the broad market as it has a huge weighting plus the companies that supply AAPL will get destroyed too as AAPL is their largest customer. The rotation into financials can't save us. Also look at the lower highs and lower lows on the Transports or the ETF...IYT. APPL will officially be in a bear market Monday when the 50 crosses under the 200 dma.

      Sentiment: Strong Sell

 
SPY
199.15-0.56(-0.28%)Sep 22 4:00 PMEDT

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