MikeSpy

MikeSpy Updated 

I have to admit something to you my fellow traders. I ignored my own TA in pursuit of wild fantasy dreams of bears dancing on the beach sipping sweet honey. Had I gone back to a post I made just before the drop I would have seen it plain as day. Anyway This week has cost me due to extreme stubbornness, the worst quality for a trader. Flexibility, Patience,...

MikeSpy

I am honestly about 60% sure on this one, I personally have some 420 puts expiring this week (OUCH) decided against closing and looking at the futures I am seeing some potential for a downside. CPI is tomorrow which looks like it might be higher than expected. We hit resistance and didn't break through it, we actually closed the normal day of trading with a sell...

MikeSpy

I am inventing a new term for January-March I will call it a Bi-Polar 3 black crows. The usual black crows have a large body and small wicks. The bodies on these candles are mostly within bounds to be considered black crows and are fairly large, but the wicks are massive towards the downside. One would normally consider a large wick to be a slightly bullish...

MikeSpy

We finally touched down on that 450 mark and busted straight through to 446. In my humble opinion the most dreaded candle pattern has started forming on the monthly. November: Shooting-Star January: Bearish Engulfing What do these candles mean? In November buyers were very excited about the bull market, money was flowing and profits were being made. on the...

MikeSpy

It looks like our recovery from the previous trip to 450 has painted a head and shoulders pattern. This is pretty bearish. I added some blue lines stemming from the peak rejections to indicate where we may be headed (450 retest). In the previous case we needed to clear the line and the end the day confidently above it for us to begin a recovery, I expect it will...

MikeSpy

On Monday Spy broke the trendline on the downside again, but it quickly recovered and ended the day above it. Today we smacked on that old resistance from November 22nd around 473 and began trickling down. No real new info, covid is still covid. Inflation is still a problem, rate hikes are still coming, global market disruptions continue. Innovation churns...

MikeSpy

Zooming in a bit, I added some lines where I felt they belonged. I wonder if we will break out of the rounding top I have drawn or if we will break this channel. The market always surprises me. In My Opinion, I feel that there will be a lot of tepidly good news coming out to try and keep the market up, but once the rate hikes are in we start to drop. many...

MikeSpy

It seems to me that we are very euphoric similar to the dotcom bubble (especially with all the vaporware scams of 2021), Basically infinite growth and stock market only go up seems to be the mentality these days. I saw a shooting star on the month of November which to me is highly bearish but Santa came in and offered some respite although it is looking brief. I...