Tag Archive for: SPY
It’s déjà vu all over again — S&Ps gap higher on New Year’s Day for second straight year
/by Peter BrandtS&Ps — Chart of the day, Dec. 12, 2012
/by Peter BrandtTrading futures- and forex-related ETFs is for fools
/by Peter BrandtA more in depth look at the stock indexes — how bullish is bullish?
/by Peter BrandtAnalog analysis points S&Ps to 1,500
/by Peter BrandtU.S. stock market — caught between a rock and a hard place
/by Peter BrandtDon’t expect a follow through trend anytime soon in U.S. stocks. This market is about to get volatile in a relatively tight range. At least, that is what the chart is telling me.
The chart of the nearby S&P futures contract shows that the market is between a rock and a hard place. Above the market exists a completed H&S top. This is a powerful reversal pattern (one that I believe will ultimately prevail).
Below the market is arguably a double bottom. The other indexes do not show a similar pattern, but the nearby S&P futures chart fulfills (barely) the general Edwards and Magee criteria for the pattern. The lows are more than a month apart, but the height is only 13% of the value (the criteria is 20%). Also, the rally from the Oct. 4 low should have experienced some pick up in volume, but not as much as was characterized by the first low.
In any case, I think this market will spend some time int he 1200 to 1260 range (+/- 15 to 20 points). The pattern above should keep the market from rallying too much. The pattern below will provide support.
We will see how this market situation becomes resolved. Stay tuned, sports fans.
$SPY, $ES_F
There is a time to be old and a time to be bold, but not a time to be bold and old
/by Peter BrandtLessons from seven weeks of stock market chop
/by Peter BrandtGold Bulls & Silver Fools Lose $29 Billion in September
/by Peter BrandtRecent Posts:
- ChartWizardsNFT Sample Report – September 2024September 22, 2024 - 10:22 pm
- So you want to be a full time trader? Good luck with that one!August 17, 2024 - 6:47 am
- A follow-up regarding my attack on the “we-fund-you” prop industryAugust 13, 2024 - 9:02 pm
- Looking for success in all the wrong places. This is the description of 95% of those wanting to be full-time traders.August 6, 2024 - 11:29 am