Its also in a bear flag on the hourly albeit a rather ugly one. People who know TA would see this stuff rather than "I don't know where support is"
Don't know why you would listen to that.
A wedge has formed on SPY. Its been trading in that wedge since Friday. Technicals turning down. Volume weak. When she says 1877, believe me if theres a convincing close below 189 (1897 on the S$P) this sucker is going DOWN. MACD on the hourly chart is in negative territory and getting ready to roll over again. If you;re expecting some big bounce up with all this geopolitical stuff going on, well I wouldn't worry. The wedge is going to break tomorrow. If it breaks uop, don't short it. If it breaks down, you're probably safe to short to 1900 level. There will be support there unless we get a hard gap down that keeps running lower. Your mentor has way too much "maybe this maybe that" going on. She's saying it will go up, or it will go down. Great advice.
Fib support levels on SPY are at 192.57, then 190.42 to 191.27, 188.68. Below that, look out below. Next downside targets are 181.31 and 177.30.
Upside resistance is at prior high at 196.05. If it clears that, the door to 200 is open which is the 127% extension of the most recent hi/lo, then 202.12 which is the 127 extension of the Feb low to recent high.
Unless it hits the 4ma and then goes up or down blah blah blah. Geezus
Def setting up for a large move one way or the other. Not buying the direction until it shows me but the longer it spends at these levels the more confidence that a base is in.
Its not always algorithmic trading, manipulation, MM's, etc. Sometimes its just simple CONSOLIDATION and part of a bottoming process. I've been in QIHU calls for a week waiting for today. It'll happen soon enough although I can't say which way it'll break.
absolute nonsense. DDD may be putting in a short term bottom. its been putting in higher lows for the last two weeks on the hourly charts Hasnt closed below last wednesdays low now has it penetrated below last thursdays low print. Rangebound between 49 and 52. Wait for it to break one or the other.
Prob not this week, it would have to drop 10% in 2 days... several key levels broken today. 50.15 was 50% retrace of recent 4/29-5/27 bounce. Now broken. Next support 48.55 then 46.26. I would expect it to hold 48.50 tomorrow.
Parabolic SAR triggered on daily. MACD will likely cross over negative tomorrow. %R cratering. Several MA's failing to cross over positive. Doesn't look very promising.
every pop is being sold hard. ugly ugly ugly price action. buying calls at 50 and puts at 52 until they prove it doesn't work anymore.
Its bouncing off its 100dma, thats a pretty major support level. Also breaking downtrend lines, not to mention a tight squeeze on the 30 and 60 min charts that look like they want to fire long. Theres no volume anywhere in this market so you just have to watch the price action. Todays move looks like the start of a leg up. I certainly wouldn't want to be shorting here.
its done that many times over the last week, hasnt taken that level decisively yet and been constantly fighting it. Needs to clear todays high to confirm.
Dont know, it seems pretty obvious that its carving out a new base here. Holding the 20dma in the upper half of the BB's. Looks to me like its going to retest the 65 area first. be careful. I wouldn't be shorting unless it closes below 50 for more than a couple of days... but thats just me. Pretty clear risk reward here, 50 on the low side, 52 on the high side. Lets see which falls first.
you didnt ask me but I'm short LNKD. The May uptrend line was broken yesterday, re-tested today and failed to get above. This weeks lows are at the 38.2% retracement of the may move up. If it starts trading above 157.68 I'm out... which is also the 23.6% retracement level.
you wrote up a long drawn out post about the 4 period ma, monthly weekly daily never said A WORD about 9 or 18 or crossovers. thats why I asked what the obsession was with the 4 period. Almost every stock almost always touches its 4ma no matter what period you look at. its hardly something to trade against on its own.
with all due respect I know all about the 4/9/18. I've read more books than I can count and have used every imaginable method of TA over the years. My methods work fine. I have crossover systems that work much better than 4/9/18. I just cant imagine how anyone has time to trade with the amount of time you spend on a msg board