Judging by today’s action. Today’s gap up traps the bears and the Q’s over 45.90 there is no RESISTANCE all the way to 47.50 on daily chart, a close on the Q’s over 46 puts the down trend in question.The market is telling me that the death cross on daily charts on all markets, the SPY weekly H & S (remember too obvious) The Elliot wave ABC move down and all the bear’s ferry tales about the markets collapse IT IS NOT HAPPENING.
On the SPY a close on over 110.50 on the daily chart puts in question the downtrend on that time frame.
That said on the SPY a close on the weekly chart under 104$ looks like continuation of the weekly down trend.
IF, IF, IF (it looks like it will) the SPY H&S all ready triggered on the weekly chart fails, just look at what happened last year and that one was on the daily chart.
From three days ago: I’M SEEING early signs of the bears inability to push then SPY down, today the gap down was at a very critical area on the weekly chart and the PPT. Came to the rescue, IF TODAY’S LOW HOLDS for a few days I think higher the markets go (and about volume? Stick to price action is more telling) The monthly bar is green so make your bets and don’ t believe everything you read but have your stop loss ready if wrong..
Just remember if the bears can’t push down the strong stocks on the Q’s The markets are not going to collapse.
I’ll keep posting as the action from this post develops either way,.
Just for entertainment folks and have a nice day.,
- chalan
