SPY

[traderjbr]

Bounced off the fib 50% area of 1170,today's action may have provided some clues of where another bottom will be.If this is a diagonal wedge,I think it may need another upper and lower touch within to complete a 1,2,3,4,5. Also the A wave was  roughly 300 points from the top,which leaves about another 40 points lower from 1170 for C to equal A. The QID kinda looks stalled right now,got me thinking of an alternate to the 3rd since its lacking to show any real speed..

[traderjbr]

Diagonal didn't materialize, but 1133 might have completed the C leg for a major low..I'm thinking next run is to 1450 over next several months

[traderjbr]

Well since the big swoon from several weeks ago many forecasters are searching for some clues for what's next. There is one potential chart pattern which I haven't seen mentioned which is a Tower Bottom,but that would require a big move up as or near equal the big leg down.The other pattern which favors the current downtrend is the Bear Pennant,which could bring on another wave of selling.These are viewed on the weekly chart.. 

[traderjbr]

Some are suggesting an ending diagonal which after today's close it begins to take on the look of a falling wedge,we shall see as time goes on..

[traderjbr]

Updated QID chart notes,looks like its in a wave [4] with the short term c? leg in play..now if the $spx can take out it's 50 dma we might have a nice rally for the next few months.

[traderjbr]

The ending diagonal or wedge on the $SPX still looks ok as it was tested and now heading back up.Maybe the surge is finally underway..

[jorgegr]

Dont't like that small todays gap,  we're still better off daytrading.

[setravis]

The chart for the S&P 500, as represented by the S&P 500 SPDRS (NYSE:SPY) ETF, clearly shows the established trading range. The boundaries for this broad trading range are $113 and $104. With all eyes on the $113 level above, the breakout will be easy to spot if it does occur.
However, traders should also keep an eye on the important levels below. A pullback from these levels would not necessarily rule out an eventual breakout. While the August low near $104 is certainly very important, there are a few possible support areas that can support a mild pullback. The 200-day moving average lies near $111.80 and is one area that could attract buyers. Another area to watch would be near $110. This has been an important inflection point over the past several months and is approximately where the 20- and 50-day moving averages will be in a few days.

[huxuecan]

Anyway, I feel free to change my opinion if the market proves I'm wrong. Unfortunately that won't happen until the SPY's close above $130, so I have a potential loss of about 3.8% on this trade, nothing special.

[setravis]

huxuecan,
One user name will do, other user name that seems to be you as well > (zhxia)
If you want to run post that has nothing to do with the markets go to the Lounge.