12631 member @RickyRoma0 made an excellent observation in our chat room on Friday about the closing SPY weekly chart candlestick. My charting software shows the weekly high this past week was $136.24, whereas the week before the high was $136.25. So, it was a photo finish, but the major index ETF just missed out on a bullish engulfing candle, which would have needed to take out the lows and highs of the previous week. Also note the actual S&P 500 index missed out on a weekly engulfing candle as well.
Make no mistake that it was a strong week for the bulls after Thursday’s late reversal. However, the bulls did not quite get the double whammy for the bullish engulfing candle (lows AND highs) that they wanted.
Back with my saturday night film selection in a bit.
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The double whammy matters not…you see, the fed wants this market higher and the fed will to just that. It’s not about bears and bulls..it’s about the fed and where they want the market to be. Friday had fed written all over it. Look for follow through on Monday…it’s the patriotic thing to do. Don’t fight the Fed. Long a boatload via 3x ETF.
Tom,
I don’t necessarily disagree. I am just sticking with my discipline and will gladly play along when the opportunities present themselves.
This was a day EUphoria relief written all over it, not the FED. The rally running on the hope for the holly grail QE will fail, because QE does not come on tops, it comes on bottoms. Put “S&P History tradingview” in your google search and click on the first hit.
Sub,
Do you honestly think the Fed only pumps money in he markets when it “officially” announces a QE strike? Think again…the Fed is on QE 9… Not 3.
Market will see new highs come October/November..just in time for elections. Bank on it.
Sub speaks the truth. Tom how long have you been trading? There is nothing different happening this year as last year. Good luck sucking QE dick when there is not one, yet.
Fake Amish,
How long have I been trading? Only a little over THREE DECADES. What do I know…
Pay attention, kid.
Photo finish is always thrilling,..yes?
there are exception..
A fútbol rebound..does not care how athletic you are..
even if you are standing on the sidelines..yeow!