I am still looking for SPY to hit 101.25 and QQQQ to hit 39.95. The premarket action will be probably flat. It seems like 104 is a resistance level for SPY. Spot gold is continue to fall.
It seems like the 103.85 area is strong resistance for SPY. The last hour from yesterday it hit there. This morning it tried to break that level twice and it failed.
BAS, this is exactly what MMs are trying to do to scare the shorts out. SPY might spend a short stay above 104 and then it will fall back down below it. The weak shorts are scared, so they covered their positions. Don't trade with your emotions. Every times you see a sharp spike is that the MMs are trying to trigger all the stop loss limit for the shorts.
The problem with shorts is that they covered. Then at any hints the market is going down, they reshort it again. Many times they were wrong and they would covered at higher price. If you see the market is going higher with low volume, the shorts are covering and retail buyers are stepping in.
the volume has been low for quite a while and market just keeps going up... i think we should see some resistance at 1045 area... dont think spy will hit 101
I could be wrong for the very first time, but I am sticking to my target. If you are panicking, cover your shares. It means you are trading with your emotions. I still believe SPY will hit 101.25 and QQQQ to hit 39.95.
Something from history. Major tops were occured at 20-month SMA. For SPY that is 104.77 and DIA at 96.77. This is a monthly moving average. This is place where to go short for a long run. Not for day trading.
Today action is very similar to yesterday action. If SPY closes above 104.30, that is not a good sign for the bears. If SPY closes at 104 or below, that is a good sign for the bears.
I have to give a lots of credits to the bull. For tomorrow, if the market closes positively and with white bar, we might have to close our SPY and QQQQ. If the market closes where its open tomorrow and below, we hold it for more couple days.
It seems like the 103.85 area is strong resistance for SPY. The last hour from yesterday it hit there. This morning it tried to break that level twice and it failed.
ReplyDeleteThe tug of war between the bears and bulls continues. There is a possibility that SPY will retest 103.50 today.
ReplyDeletelooks like shorts to be destroyed today no matter what?
ReplyDeleteIt's because the dollar keeps falling UUP is down .04 at 22.87
ReplyDeleteBAS, this is exactly what MMs are trying to do to scare the shorts out. SPY might spend a short stay above 104 and then it will fall back down below it. The weak shorts are scared, so they covered their positions. Don't trade with your emotions. Every times you see a sharp spike is that the MMs are trying to trigger all the stop loss limit for the shorts.
ReplyDeleteWatch QQQQ to hit 41.05 again today.
ReplyDeleteany idea how high spy may go before dropping..
ReplyDeleteI think 1070 SPX is the limit or Dow 10,000.
ReplyDeleteThe problem with shorts is that they covered. Then at any hints the market is going down, they reshort it again. Many times they were wrong and they would covered at higher price. If you see the market is going higher with low volume, the shorts are covering and retail buyers are stepping in.
ReplyDeletethe volume has been low for quite a while and market just keeps going up...
ReplyDeletei think we should see some resistance at 1045 area... dont think spy will hit 101
I could be wrong for the very first time, but I am sticking to my target. If you are panicking, cover your shares. It means you are trading with your emotions. I still believe SPY will hit 101.25 and QQQQ to hit 39.95.
ReplyDeleteSomething from history.
ReplyDeleteMajor tops were occured at 20-month SMA. For SPY that is 104.77 and DIA at 96.77. This is a monthly moving average. This is place where to go short for a long run. Not for day trading.
Today action is very similar to yesterday action.
ReplyDeleteIf SPY closes above 104.30, that is not a good sign for the bears. If SPY closes at 104 or below, that is a good sign for the bears.
I have to give a lots of credits to the bull.
ReplyDeleteFor tomorrow, if the market closes positively and with white bar, we might have to close our SPY and QQQQ. If the market closes where its open tomorrow and below, we hold it for more couple days.