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The 1040 level on the S&P 500 is being tested so many times, you would think it was in training to be a pilot. Thus far, today is proving to be a transfer of power. The bears had been getting progressively more fatigued throughout the recent selloff, and the bulls had been reduced to whimpering in the corner. Since the market is always a “what have you done for me lately?” kind of place, the issue is where we go from here.
Looking at an updated, intraday 15 minute chart of the $SPY (S&P ETF), we have a nice “W” pattern taking shape, and the distinct possibility of an imminent gap fill just above. I would consider this to be the most probable scenario going forward in the immediate future.
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I think your scenario seems likely.
Also, I’ve now been using the PPT for three months, and though I’m not really a day-trader, nor am I a full-time trader, I’ve made a couple of great trades in which I’ve used the hybrid as a way feel out where we are. This is a great engine, and couple with the great commentary, I just want to say thanks!!! I will post this on Fly’s board as well.
Cheers to all.
Thanks Chess. What do you think of RICK now at 6.22? The P/E is great and you said the chart is bullish.
I stopped out of a few days ago. I was looking for a quick rip higher and it didn’t happen. if you are a value investor, it may be interesting here. The chart is VERY oversold, but it is a thinly traded name, so be careful.