SPY hit $110.68 today, 18 pennies above my target, before reversing. I expected a slightly deeper pullback before hitting the target. Alas, I believe I just got the order of events wrong.
I’m still looking for the pullback.
The chart above shows SPY getting denied at the 200 day moving average, as the bears met at the honey hole. Volume has been depressed over the last five days. There just doesn’t seem to be a lot of conviction here from the buyers. Therefore, I’m still expecting a pullback, but I’m not expecting a breach of the 50 day average, currently at $108.64
Below is a graph showing PDS eligible candidates. Eligible candidates are the stocks meeting the uptrend, volume, and liquidity requirements but have not yet pulled back enough to warrant purchasing.
With 469 eligible candidates (lowest blue line, bottom pane), if we get the pullback I’m looking for, there should be plenty of dips to buy. On a side note, this is essentially a measure of breadth, and it seems to do a decent job of marking bottoms.
My bet is still to remain patient, wait for a pullback, and then load up for a run above the 200 day moving average.
C’mon, post some honey hole or death cross shit. Back to roots.
Lost some coffee on the honey hole comment
Duck, are you not familiar with the honey hole blog posts, circa 2007-2008? Good stuff there.
fuck you. you’re just dumb.
Better to remain quiet and let folk’s wonder if you’re a fool than to open one’s mouth and remove all doubt.
that’s sharp.