SPY TRIPLE TOP - I just bought some puts.

Quote from Maverickz:

Ok now that I am home here is the chart I was talking about. When the price breaks out of that box you will have a pretty good idea what direction it is going to head.

<img src="http://www.fantasydaytraders.com/eqpics/SP6mo.jpg">
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I can't download the chart.

The naz is weak...a/d has broken down. looks like some short term weakness, and then abit more upside, according to fib, and time projection.

Spy is stronger than naz. a/d is holding up.
 
Right now the futures are in the red. Some disappointing news coming from AMD and quite a few others. Horrible earnings and more layoffs to follow.

We'll open tommorrow with a housing report that will make the Spy flame in and then the clincher will be the FOMC meetings which will not inspire confidence followed by a SPY roaring into the lows at the close.
 
Quote from sumosam:

looks like some short term weakness, and then abit more upside
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That's my take as well. I think the indexes will probably go back to their 20 day moving averages and then we'll head higher.
 
looks like some short term weakness, and then abit more upside

Dont be so sure even a horrible employment report friday and the market went up

We'll open tommorrow with a housing report that will make the Spy flame in

I actually wouldn't be surprised to see more green this week

There is a very good chance we are heading down on the S&P again

When the price breaks out of that box you will have a pretty good idea what direction it is going to head.

1370 area bounce number two - this area needs to hold into the close or overnight session will bring more selling

I'd just bail and take the loss once the market proves you wrong

The trade has some merit but I think it's a bit premature

The only thing that seems certain is when price hits the top of the channel and doesnt make it through then it goes down

Price action has been very strong. A/D line is holding up

I wouldn't be surprised to see the previous swing highs get taken out by enough to flush the stops, then see a decline.

triple tops don't generally hold, in my experience..
mkt wants to go higher, unfortunately

Nice sell off today with the return to the 1370 area.



Well, I guess this is what makes a market :confused: :D :( :p :eek:
 
Quote from jackstone54:

Look at the chart. Spy bottomed twice and it appears there is resistance going through 138. If it cant make it through 138, then its going to turn around hard on us. I bought some puts just now.

This isnt really a triple top, but its similiar in the fact that the index cant make it through on the third time during consolidation.

This might be a Feb 2007 all over again. Remember what is approaching and that is May where there is classic weakness. If we cant rally from here, then the Spy will skid down to 115 in a heartbeat...
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ha ha ha flooz. Make sure you still have some money left when you cover.
 
Quote from DeepFried:

That's my take as well. I think the indexes will probably go back to their 20 day moving averages and then we'll head higher.
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Agreed.
A simple fib retracement pullback and then a thrust into the low 1400's on the SPX.
 
Looks like the asian markets are down by more then 1%. Futures keep tanking downward. Cant wait until that report tommorrow and the minutes to see the SPY come roaring in along with my puts skyrocketing. Those puts were dirt cheap today with all the positive spirit out there and the talk of the market bottoming.

I cant wait for everyone to start heading for the fire doors selling in a panic like its Black Tuesday.
 
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