SPX Daily

[kivd]

How are you feeling about the SPX daily?
Where do you think its going and why?
To me everything looks very bearish, 1. you have huge run up that peaks on high volume (day of cancelation of greek referendum) 2. The next big volume afterwards is quite a crash 3. prices consolidate at high levels with abnormally low volume 4. two bearish flags/pennants

If price breaks the small trend line I drew on the chart, we could be in a free fall until 1040.

Am I missing anything? What do you think about this?

 

[Laissez Faire]

I`m fairly clueless about long-term predictions, but it is obvious that the market is compressing up here and that we could see a big move one way or the other.

If you draw a trend line at the highs, it is a triangle and we could break above as well, right?

Is that your charting software or a free chart online? If the latter, please tell me where you found it.

 

[intradaybill]

Here is an analysis published today by the Price Action Lab Blog:

http://www.priceactionlab.com/Blog/...ates-the-market-will-soon-choose-a-direction/

The symmetrical triangle mentioned is usually a bullish pattern but not always. Usually the market fools the majority. You may get an intial down move to scare weak hands and get enough shorts in and then the market will rally and take their stops.

Trading in a rough adventure into probabilities.

 

[kivd]

Quote from Laissez Faire:

I`m fairly clueless about long-term predictions, but it is obvious that the market is compressing up here and that we could see a big move one way or the other.

If you draw a trend line at the highs, it is a triangle and we could break above as well, right?

Is that your charting software or a free chart online? If the latter, please tell me where you found it.

Not wrong, but you can't forget the volume, it's bearish.
However its definitely possible to see a run up.
I'm currently long SPXU (short ES equivalent) but the second I see a close above the triangle Im switching my position to UPRO (long ES equivalent).

I'm using freestockcharts.com you'll need Microsoft Silverlight. But its the best charting I've ever used, much better than my broker's.

 

[Laissez Faire]

Quote from kivd:

Not wrong, but you can't forget the volume, it's bearish.
However its definitely possible to see a run up.
I'm currently long SPXU (short ES equivalent) but the second I see a close above the triangle Im switching my position to UPRO (long ES equivalent).

I'm using freestockcharts.com you'll need Microsoft Silverlight. But its the best charting I've ever used, much better than my broker's.

Thank you, I appreciate it. Looks very nice for long-term charting.

Good luck on your trade.

 

[iceman1]

Quote from kivd:

How are you feeling about the SPX daily?
Where do you think its going and why?
To me everything looks very bearish, 1. you have huge run up that peaks on high volume (day of cancelation of greek referendum) 2. The next big volume afterwards is quite a crash 3. prices consolidate at high levels with abnormally low volume 4. two bearish flags/pennants

If price breaks the small trend line I drew on the chart, we could be in a free fall until 1040.

Am I missing anything? What do you think about this?

Hope its higher but I have both calls and puts... more calls than puts so far. Was also short spy calls today; closed them - - - hope to be able to re-enter. This week is expiry action. Next week is the real market.

 

[iceman1]

Quote from kivd:


I'm using freestockcharts.com you'll need Microsoft Silverlight. But its the best charting I've ever used, much better than my broker's.

i have used them recently in addition to other charts. Do you subscribe or use free charts with ads.

My problem with them is how to get a daily chart for just a week or two. Do you know how ? TY

 

[kivd]

Quote from iceman1:

i have used them recently in addition to other charts. Do you subscribe or use free charts with ads.

My problem with them is how to get a daily chart for just a week or two. Do you know how ? TY

I use the free charts with ads. To get the daily chart of a week to two, you first set it to 3months on the bottom, this should give you a daily chart. Then go to the bottom and drag the little blue thing to make the chart more zoomed in until its 1 week or two.

Quote from iceman1:

Hope its higher but I have both calls and puts... more calls than puts so far. Was also short spy calls today; closed them - - - hope to be able to re-enter. This week is expiry action. Next week is the real market.

What is expiry action?

 

[canuckrookie]

Quote from kivd:

I use the free charts with ads. To get the daily chart of a week to two, you first set it to 3months on the bottom, this should give you a daily chart. Then go to the bottom and drag the little blue thing to make the chart more zoomed in until its 1 week or two.



What is expiry action?

Options expiration volatility. Option expiration take place on the 3rd week of the month.

http://www.marketwatch.com/optionscenter/calendar