Looking at the intraday 5-minute SPY chart below, you might argue we have a bull flag (intraday) within a larger bull flag (daily timeframe). While cutting a laggard here and there is simply part of this business, the larger point is to fight to be on the right side of the market overall.
This week has been thus far characterized by more than a handful of breakouts and plenty other tight bases being formed, all the while the major averages mildly consolidate. In a market that has soundly thrown a wet blanket on the best laid plans of bears for a while now, we may very well be nowhere close to seeing a max pain or capitulatory scenario where shorts and underinvested bulls throw in the towel and cover/chase this market higher.
For now, mild consolidation after last week’s rally with opportunities beneath the surface are the dominant themes.
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Your advice is awesome. Huge benefit to me. Have all your picks on 12631.
that last candle is a hanging man btw Chess… also thoughts on $DECK — because it chopped off my dick today
Hanging man not bearish after a downtrend (on this timeframe). It would only be a possible bearish candle after a sustained prior uptrend indicating reversal.
re: DECK — larger 3 peaks & domed house pattern still in play http://ibankcoin.com/chessnwine/2012/06/21/is-very-bad-drink-jobus-rum/
Great billboard juxtaposition
Ooooh..that’s some juxtapositioning, for certain.
😉