SPY - General ETF, Index & Futures Discussion

, ,

I think we’ve found the new resistance channel for this last quarter…


That rejection at 370 was real strong today, and didn’t have any strong answer from the bulls, unlike yesterday.
I do think we will see the market try again on Wednesday, but you’ll be asking for a heavenly 3.4% to 4% move to the upside–which was already used yesterday.
You’ll want to monitor the RSI indicator, are we going to stay within the lower half?
A bullish signal will be breaking upward out of that yellow box.

For the remaining days of October, 377 might still be possible, and beyond that is a hail mary. I’m not even catholic.
So if you see us anywhere near 370, always take profit–no clear bull extension signal until we hook back above 371.

Bulls will want to recapture 365 next week.
Bears will want this to keep coming back below 359.
In either case, I can’t recommend holding big positions overnight.

Now this is important, and you have to take this to heart.
You will have to be very strict against yourself in the coming weeks.
You will consider all the data you can, BUT Only Take Your OWN trade signals.
It does not matter if an analyst you watch or follow is “feeling” bearish or bullish or neutral, you have to rein yourself in and push yourself back out–fail that and you risk burning another year’s entire trading portfolio.

xxx

P.S. - Some bank noted that SPX 3600 is/was a very important support line, and if that didn’t hold, margin calls will come flying left and right.

6 Likes

Potential Uptrend Weakening/Reversal Point on 1m Timeframe for SPY.

Potential Uptrend Weakening/Reversal Point on 1m Timeframe for SPY.

Positioning before 10AM is generally not reccomended due to increased volatility

Potential Uptrend Weakening/Reversal Point on 3m Timeframe for SPY.

Confirmed Sell Alert on 3m Timeframe for SPY.

Potential Downtrend Weakening/Reversal Point on 1m Timeframe for SPY.

A Normal Sell Signal has Turned Strong on 3m Timeframe for SPY. Consider Dropping Calls.

Strong Confirmed Buy Alert on 3m Timeframe for SPY.

Potential Uptrend Weakening/Reversal Point on 1m Timeframe for SPY.

Strong Confirmed Sell Alert on 3m Timeframe for SPY.

This signal was triggered near the Pivot Point 1st Resistance Point @ 366.27. Wait for the candle to close below this potential lower support point before entering a position as a bounce can quickly invalidate the signal.

A Normal Sell Signal has Turned Strong on 3m Timeframe for SPY. Consider Dropping Calls.

This signal was triggered near the Pivot Point 1st Resistance Point @ 366.27. Wait for the candle to close below this potential lower support point before entering a position as a bounce can quickly invalidate the signal.

Confirmed Buy Alert on 3m Timeframe for SPY.

This signal was triggered near the Pivot Point 1st Resistance Point @ 370.77. Wait for the candle to close above this potential upper resistance point before entering a position as a rejection can quickly invalidate the signal.

Potential Uptrend Weakening/Reversal Point on 1m Timeframe for SPY.

A Normal Buy Signal has Turned Strong on 3m Timeframe for SPY. Consider Dropping Puts.

Potential Uptrend Weakening/Reversal Point on 3m Timeframe for SPY.

Strong Confirmed Sell Alert on 3m Timeframe for SPY.

Potential Downtrend Weakening/Reversal Point on 1m Timeframe for SPY.

Confirmed Buy Alert on 3m Timeframe for SPY.

This signal was triggered near the Pivot Point 1st Resistance Point @ 370.77. Wait for the candle to close above this potential upper resistance point before entering a position as a rejection can quickly invalidate the signal.

Potential Uptrend Weakening/Reversal Point on 1m Timeframe for SPY.

A Normal Buy Signal has Turned Strong on 3m Timeframe for SPY. Consider Dropping Puts.