Spamwich's  Instablog

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Specialty: Technical Analysis My early years were not so rich, I had a poor family, at age 12 I landed my first job as dishwasher for $6/hr, by 14 years old my mother suggested to cut grass around our town for extra money, so with what little money I had, I put into some fliers and a lawnmower.... More
  • $SPY Channel Death & Support Holds, What's Next?  0 comments
    Mar 13, 2014 5:51 PM

    As I was noticing sell signals strengthening on the daily I became weary that the ascending channel had likely run its course and was about to break down, as you can see in the instablog prior the price was resting on the lower TL, not long after, the cited support of 1860 broke and resulted in nearly 20 points of downside landing at the expected 1840-1845 support. The question now is what can we expect for Friday... My belief is that the downside has run its course for the week, and will likely stagnate with a reversal landing SPY for a close of the week at 1845-1855.

    RSI on smaller time frames are giving extreme oversold conditions while also giving some buy signals. While this is a good price for a reversal I will be focusing my attention on the chart below, until I get buy signals I will not be posting any immediate upside targets , but my bullish March expectations remain, and ultimately I would like to see price remain above 1820 as mentioned in the article... .


    (click to enlarge)

    RIP Channel, I will miss you :'(

    (click to enlarge)

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