It was a nice ride I'm sure. But it's time to go back down now. RSI hitting resistance on the monthly. Daily exhausted with 7 green days in a row , with a doji to top it off. I would love a gap up and touch of the highs, then flush!! 3 days of red incoming. Monthlies can pay well 💬
I like to think of ,myself as a pattern chart trader... This monthly screams rejection imo, especially with the .78 Fib looming 💬 ... I took a weekly lotto today for $330 strike at contract lows.... Let's see what happens.. will enter a January Put for sure after this ..
Candlesticks suggest we get a weekly open/gap down to the Open of the first Green Candlestick in the new highlighted box. Should we open at and reject $442.24, expect the low at $440. $440 must hold, otherwise momentum will push us to $435. Should that not hold, Expect $429. Ultimately I'm looking for this bull flag to develop into a run that lasts the next 8...
AMEX:SPY Looking for an open at $442.24 area, for a test of $440. Break $440 and test $435.. hold $435 we could close the week green a tad bit above $442.24... Break $435, Flush to $429 easy. All in my opinion of course. This is ultimately leading up to another bull run for the next 10-12 months before another harrowing election year that will topple the market imo.
Now... don't mind the mess. You see where I'm going with this? For those that know TA , please do not comment on on cleanliness of chart. I'm certain you get the idea. The only other thing I have in mind is that we find new highs into the end of the year and dump out for February, 1 year after those who bought in January can take profits for their 1 year gains...
