Gap and Crap or a Bear Trap?
Updated
Back in the box, don't fight this ox.
Chop, chop, Chop. Chop in the box.
Need to see daily PSAR broken before I go bearish again. Will have to wait a long time. The PSAR was at around 272, the bear market line. Not saying we don't swoop down and lick it from the top side just to shake off the new bulls. But seriously, does anyone think we are NOT going to be disappointed by earnings? Market is clearly giving a pass to any bad earnings the next two quarters.
293 or higher would have been the preferred target. Looks like smart money is front running the algos and selling at best price before the algos reach their next destination. Hence we chop around the box. There are no downside targets in a bullish move and sky is the limit to upside though it is likely to come in steps - 293+, 300, etc. Keep an eye out on VIX.
Caveat Emptor and good luck!
Chop, chop, Chop. Chop in the box.
Need to see daily PSAR broken before I go bearish again. Will have to wait a long time. The PSAR was at around 272, the bear market line. Not saying we don't swoop down and lick it from the top side just to shake off the new bulls. But seriously, does anyone think we are NOT going to be disappointed by earnings? Market is clearly giving a pass to any bad earnings the next two quarters.
293 or higher would have been the preferred target. Looks like smart money is front running the algos and selling at best price before the algos reach their next destination. Hence we chop around the box. There are no downside targets in a bullish move and sky is the limit to upside though it is likely to come in steps - 293+, 300, etc. Keep an eye out on VIX.
Caveat Emptor and good luck!
Note
Head and Shoulder on SPY 5 min chart.
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