See how it was handled?
Classic bear trap.
And most bears won't give up the ghost either. They just don't, it's their nature.
Flat to down, then it's the run to 167.50 and from there we should pull back to 10 sma on the 10 day chart before heading higher again.
That's just my plan for trading the spy.
Staying long and looking to add at this level if it behaves right. 166.34 on down to 165.
If 166.34 looks supportive, if we get there, it's a buy.
Yes, you heard that right.
Give it room to breathe donw to 165.
Continuation pattern, with inverse head and shoulders projecting to 167.50 for now.
The song remains the same.
And now there sits an inverted head and shoulders on the five day projecting to 167.50.
Possible pull back, then pattern completion.
After digesting the notion and weighing things out, we decided that would be a good thing.
Therefore, we rally.
I'll have to go check COT numbers to be sure, but the latest fed "scare" my have brought in some fresh fuel in the way of squeezable shorts.
It would make sense, but unless I see data, i'm only guessing.
Looking to take the rest of today off.....pretty obvious they have this pinned for the week.
If we fail to break a new high next week, then there may be a reasonable pull back worth shorting, and you never know could turn into something.
How do you figure 165....not adding up when I look at the chain unless there's been a shift and my platform hasn't recorded it.
I think most of us saw this post a few times already.
You can now stop haunting the board with it and move on to something more meaningful.
That's what I'm seeing.
There's over 83,000 calls at 166 and over 40, 000 puts, going to 165 would wipe out another 33,000 calls at the sacrifice of putting 74,000 more puts in the money.
So, unless by platform is "hiding" something, expect the rest of the day to be boring and close near 166.00
It's been tricky. I was looking at the open as being into resistance.
Glad MK pointed this out.....yesterdays down move was noise.
So far 166 zone looks like support this morning.
So, we could then treat the line along 166, that area, as a base that was forming, and the down move as noise from the rumor.
Makes sense. I hope it holds and markets rally today.
Just my thoughts.
As for my longs, I'd prefer to see an open around 165.00 or 165.50.
It's Friday, and most of the action will be early on, unless today turns out to be unusual.
Held on to longs today.
Right side of the trade?
Yeah, but somehow I felt "saved by the bell" at the close.
Looks like a continuation pattern, feels kind of toppy.
Tomorrow will be extra interesting.