SPY is about to hit its 52 week high. What is going to happen?
- Thread starter 1a2b3cppp
- Start date
I have no idea.
Think it's easier and less risky to let something happen first then follow the footsteps of the big money, no ?
Think it's easier and less risky to let something happen first then follow the footsteps of the big money, no ?
It certainly increases the odds.
It's like a stranger stopping at the crossroad, you don't know where the person is going, but if you wait until the person chooses the path your chances of nailing the first destination will improve.
Needless to say, there are times where a "change of heart" is witnessed and the stranger returns to the crossroad, more or less what's normally referred to as a failed breakout, and the educated guessing game goes back to step 1.
the chart below is the S&P500 the blue lines represent recent bull runs (with no retracement) of similar angle, they end at the exact point those runs ended, now as you can see the average length of the previous runs is about 20 to 30ish points higher than the current one.
Then thereâs also the horizontal resistance line at 1370, 8 point higher than the current price. And the slanted resistance line at about 20ish point higher than current price.
Iâm not looking for a collapse. Iâm looking for about 20ish points or just under 2% short gain, I have been shorting this thing since 1275 and made money , but at this point I believe itâs a slam dunk , price will interact with the resistance before passing through it and if it passes through history shows it does not make it much further (blue lines)
obviously history is by no means a sure guideline for the future but it does give you a better understanding of the probabilities of the future
Then thereâs also the horizontal resistance line at 1370, 8 point higher than the current price. And the slanted resistance line at about 20ish point higher than current price.
Iâm not looking for a collapse. Iâm looking for about 20ish points or just under 2% short gain, I have been shorting this thing since 1275 and made money , but at this point I believe itâs a slam dunk , price will interact with the resistance before passing through it and if it passes through history shows it does not make it much further (blue lines)
obviously history is by no means a sure guideline for the future but it does give you a better understanding of the probabilities of the future
It's because they use adjusted data. $137.18 is the correct figure. Market will go through it like a hot knife goes through butter. Market is cheap in the US. Little overbought for now but after a pause it will rally. I am looking for 14000 by year's end. QE is working
I will ride SPY for as long as the gurus I track do not spot conditions for a correction. Here are a few links:
http://bit.ly/wLOs2i
http://bit.ly/wYdNmV
"this ETF is now back near its 2011 highs and will surely look to overcome this historical level of resistance in the coming weeks. " http://bit.ly/xYewxJ
===============
Red-T;
One could probably find some profit in that-IBD/William O'Neill talked about an elephant in a bathtub
Not that all big money is smart;
LEH,Bear Stearns,GM,DAL, Citigroup/Citicorp.LOL