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Spamwich
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Specialty: Technical Analysis Name: Michael Payne, CEO of No Payne Roofing Inc. Objective: To share results of technical indications Experience: Relentless market participation since November 2011
My company:
No Payne Roofing Inc
  • $SPY: Weekly Reflection And Short Term Forecast  0 comments
    Mar 9, 2014 5:30 PM

    (click to enlarge)

    This past weeks short term expectations was a little hit and miss, while longer term expectations are doing very well... The weekly opening candle had a 20 point difference to the prior which threw a bit of a monkey wrench into my targeting system, however I will now know to use the prior candle over the opening candle as my learning experience. Besides this malfunction, my support at 1835 held within a couple of points, fortifying my bullish expectations as explained in my EOM March Forecast ( http://seekingalpha.com/instablog/6458111-spamwich/2718813-spy-paving-the-road-for-2000-march-eom-target-set ), and my maximum upside target for the week 1880 was breached by 8 points. After my upper target success I was expecting a test of the lower channel with a 60 min sell signal , however the market had other plans and continued to ride the upper channel as you can see on the chart above... Despite my bigger picture view as this move being a break out , I'm still maintaining the immediate downside potential targeting the lower trend line, a break of support at 1865 should get that test underway. To maintain my medium term bullish perspective I'd like to see 1835-1840 hold.

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