I SPY Cup Forming? Bullish; trades near former resistance
Terrific gap up unlikely to fully close on the day. Enthusiasm is nuts. IMO gonna get to 300 in July. Probly just a gamble but as former resistance in 258 - 262 area may turn to support, expect higher- probly in the day, certainly this week. GLTA!
Trade at your own risk- this isnt advice. Pure speculative gambling at this point!
Trade at your own risk- this isnt advice. Pure speculative gambling at this point!
Nota
Look back at 20 June same pattern if it plays that way. Gapped up strongly; traded to former resistance and popped up. Safest to sit out but a bull spread might work here. Buying July monthlies, selling the dailies above strike.Nota
Looking for a sell spike to form inverted H&S looks like it made a left shoulder (maybe!)...Nota
Might be looking at the inverted head now at 258 see if it holds!Ordine annullato
Looks like its headed down to close the gap. After that... who knows. Certainly didn't get the cup... an illusion. Gonna sit and watch it.
Nota
It did give us a retrace EOD of ~50% and a new closing ATH but this was bearish all day and the rally is weak. Expect another pump-up overnight and an even weaker rally on Tues. L@K DJIA was up 280 in AM and closed + 117, futures lower aftermarket. NQ was up near 2%, closed +1%. SPY did better with about a 0.62 retrace. Market climbs a wall of worry but it's looking pretty shaky now...Trade attivo
Today Sand P & NQ make tiny marginal gains, but Transports are off -110, Russell -16; these are leading indicators- bottom about to fall out IMO. Shorting!Nota
Volume on QQQ advance today was 17m shares, c/w 41m on 20 June. Eking out marginal new highs on vanishingly smaller volume, 1/3 of the previous high. SPY traded 61.5m shares today but on 20 June at the previous ATH it rose on 116.5m shares; volume is half on this lift.
Dow Theory: Volume MUST confirm the trend and Divergences in averages (DJT, RUT) occur near change in Trend.
Nota
Yeah look at the madness... Hedged my shorts with call options that doubled lol!
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