SPY Chart 1 of 2 Daily Short Term
This SPY Daily Chart (Proper name SPDR S&P 500 ETF) is complimentary to a Weekly Chart I'll be publishing in a few minutes. I've always annotated on this chart, and only use ES as a reference.
I'm a big fan of Inverse Head and Shoulders reversal patterns - these I H&Ss (plural) form the core of this analysis.
On the Daily, note the Megaphone Pattern forming (black lines) - a Bullish Pattern - when there is a break out. I believe the Fibonacci ratios in Orange color - are currently more predominate than this Megaphone - for now (I believe the Fibs .382 and .5 are complimentary to juke an early Megaphone breakout).
I myself have had my ass kicked no matter what I do, the past 11 weeks, BUT, have positioned in for a 'hoped for' Bear Rally - however, I believe this rally will be short lived, and am presenting it on the Daily. Target 417 - of course, I always adjust as things play out and the human intelligence and chatter increase, and only sell in traches.
From here, please check out my SPY Weekly analysis.
I'm a big fan of Inverse Head and Shoulders reversal patterns - these I H&Ss (plural) form the core of this analysis.
On the Daily, note the Megaphone Pattern forming (black lines) - a Bullish Pattern - when there is a break out. I believe the Fibonacci ratios in Orange color - are currently more predominate than this Megaphone - for now (I believe the Fibs .382 and .5 are complimentary to juke an early Megaphone breakout).
I myself have had my ass kicked no matter what I do, the past 11 weeks, BUT, have positioned in for a 'hoped for' Bear Rally - however, I believe this rally will be short lived, and am presenting it on the Daily. Target 417 - of course, I always adjust as things play out and the human intelligence and chatter increase, and only sell in traches.
From here, please check out my SPY Weekly analysis.
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