Well this is already pretty crazy. I did get it right to the high of the day. It hit the 38.2% retrace on the fib of $121.00 which I spoke about yesterday. So what will tomorrow bring. I am looking for it to go down to the $118.40 level and stutter before it goes to the $115.83. If we can get a close below the low of today on the daily charts at end of day tomorrow. This will be a great signal to get into puts. We shall see.
Category Archives: Daily Analysis
Bounce to Resistance
Channel and Fibs
I got it right today. The SPY bounced off of the 50% channel line and made it to the GAP. It may go to 121 in the morning before it rolls over. I say this because of the 38.2% Fibonacci. This should act as resistance. We shall see. So far with this strategy I am 11 of 16 trades successful.
Bounce Possible Monday 11/28/2011
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- Daily
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- 5 Year
Here is a copy of the market as I see it currently. We are in a downtrend coming to a support level indicated by the downward channel 50% point. This is easiest to see by looking at the daily chart. Monday will be interesting. I am expecting the SPY to go up a little this week. It is a hard call due to what is happening in Europe. The Euro is causing the dollar to go up and thus causing the SPY to go down. I have quite a few puts currently and I am waiting for them to hit their targets.
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