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Spamwich
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Specialty: Technical Analysis Name: Michael Payne, CEO of No Payne Roofing Inc. Objective: To acquire a network of active market participants who share the common interest of profiting consistently. Experience: Relentless market participation since November 2011
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  • $SPY: Friday's Potential  1 comment
    Feb 27, 2014 10:26 PM

    After reversing a point or two from the target zone, price pushed through resistance invalidating the immediate bearish potential, and popping its way back into the channel. In turn this brought the upper channel target back into play, just falling 4 points shy of the bottom target region... As long as 1850 holds over night I will expect another push into the target region Friday morning.

    A break below 1846 brings the 1825-1830 target back into play, so be careful as a 20 point drop is not out of the question tomorrow , and is exceeding the point potential for upside trading tomorrow....

    This an older chart from earlier this week, however just as applicable as the trend lines remain intact...

    (Click to Enlarge)

    Old target

    Edit: Chart #2 3 hours after original post, price bounces off of 1850 holding support, ideally breaking through the middle BB and targeting upper end of the channel. Also notice the BB is constricted, signaling volatility soon

    (click to enlarge)

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  • Spamwich
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    Author’s reply » The second chart you may notice that I have moved the trend lines inwards, just feels like a better fit with more points of contact, if anyone cares to weigh in on the matter....
    28 Feb, 01:54 AM Reply Like
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