I want to draw your attention to the 15-minute SPY chart below to illustrate the way in which the bulls stepped in to counter the push the bears made late yesterday afternoon. As soon as the bears saw an uptick in profit-taking yesterday, there sure seemed to be a bunch of bulls on edge. And yet, as you can see below, last Thursday’s breakout remains true and we continue to base along sideways overall rather tightly. Indeed, calling for and accurately betting on a major top is as tricky an endeavor as there is this business.
4 Responses to Intraday Look and Analysis: One Beast Move Over Another
Silver is lagging, an indicator Fed won’t print.
I expect this is a yearly double top with a quasi-needle-nose candle pattern for the past week.
BRA expect downside.
Also, double tops seldom are seldom identical twins, usually one towering top has some extra height relative to its neighboring candle-tower before the bears smash and crash it down.
whoops (pardon B-Game).
Hey – what a cute dog The snake….notsomuch!