SPY is going up and into the New Year
The SPY will start going up and continue into the New Year for about 14 days which has been the average upward movement in the past few months.
I typically use Heikin Ashi Candlesticks as they show more of a directional move as opposed to regular candles. However, since I have used regular candles in the past, I tend to switch back and forth until I get more comfortable with the Heinkin Ashi Candlesticks. You can see my past posts on why I favour the Heinkin Ashi Candlesticks. Typically, you are only supposed to enter after you see 2 green candlesticks of the Heikin Ashi Candlesticks.
In the past, there has been an average move of 34 points on the SPY which would make the target point of 614. (There has been an extreme move of 53 points, but I think that is unlikely. That would make the target equal to 633. But that is an extreme point not a likely point.)
The Fibonacci number of 1.618 is 624. This is a good second target point.
My time target is about a 12 to 14 day move. This would make Jan 9th the time target.
If the SPY hits any one of those targets I am out of my trade.
Happy Trading!!
In the last few days of the month of January or beginning of February, I suspect the market will start to head lower for that one month. But I will address that in my next chart. The market can always change between now and then.
Summary:
34 point move= 614
1.618 fib move=624
12 day move = Jan 9th
**can be an extreme move of 53 points, but unlikely= 633
There is an online trading conference/summit I try to attend every 3 to 4 months where I have gotten some of my ideas from. The next one is from Jan 13th - 18th called Wealth365 You can register for the event at wealth365.com/
I typically use Heikin Ashi Candlesticks as they show more of a directional move as opposed to regular candles. However, since I have used regular candles in the past, I tend to switch back and forth until I get more comfortable with the Heinkin Ashi Candlesticks. You can see my past posts on why I favour the Heinkin Ashi Candlesticks. Typically, you are only supposed to enter after you see 2 green candlesticks of the Heikin Ashi Candlesticks.
In the past, there has been an average move of 34 points on the SPY which would make the target point of 614. (There has been an extreme move of 53 points, but I think that is unlikely. That would make the target equal to 633. But that is an extreme point not a likely point.)
The Fibonacci number of 1.618 is 624. This is a good second target point.
My time target is about a 12 to 14 day move. This would make Jan 9th the time target.
If the SPY hits any one of those targets I am out of my trade.
Happy Trading!!
In the last few days of the month of January or beginning of February, I suspect the market will start to head lower for that one month. But I will address that in my next chart. The market can always change between now and then.
Summary:
34 point move= 614
1.618 fib move=624
12 day move = Jan 9th
**can be an extreme move of 53 points, but unlikely= 633
There is an online trading conference/summit I try to attend every 3 to 4 months where I have gotten some of my ideas from. The next one is from Jan 13th - 18th called Wealth365 You can register for the event at wealth365.com/
Trade closed manually
This trade is not going as I anticipated. It looks like it is heading lower for the next few days, possibly to go up in the new year or maybe to continue lower. We will have to keep an eye on the charts for the next few days.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.