We're at that level-SnP

[LEAPup]

Looks like we'll reach the 121x level on the snp. I'll leave out fundamentals like helicopter Ben and QE2, sticking with pure ta for the purpose of the thread.

On the attached weekly chart of the SPY, we have a double top forming at the 121 level. However, we also have a lazy W which is bullish.

If we break above the 121x, I believe we will continue the trend, and the move up looks to be strong. However, if we pull back around the 113 level (-7%):eek:

Opinions?

 

[LEAPup]

Forgot to draw the lazy W

 

[Clubber Lang]

Quote from LEAPup:

we have a double top forming at the 121 level. However, we also have a lazy W which is bullish.

If we break above the 121x, I believe we will continue the trend, and the move up looks to be strong. However, if we pull back around the 113 level (-7%):eek:

This is exactly the reason why TA is total bullshit.

Same exact chart, 2 completely different scenarios. Hindsight will show which was correct.

TA is a joke.

 

[LEAPup]

There's an opinion.

I'm not going to push ta or fa, as I want to keep this thread civil. Just curious what others are thinking of this price action pattern.

Would some get to the 121x, and have their "caution lights" on being a technical double top forming, or stay long seeing the lazy W? That is the $M question...

It's just my opinion, but if we were to pull back around -7%, I'd be getting my short shopping list ready to put to use. However, if we break above the 121x level WITH volume, I'd see that as continued accumulation, and stay long.

Being a weekly chart, I would personally take the coming price movement very seriously. Just my opinion...

More opinions?

Btw, thanks for the reply Clubber. All opinions count as far as I'm concerned.

 

[LEAPup]

Not many people into TA these days?

 

[reversiontrader]

May as well throw the .618 retracemennt (from top to bottom)in there as well for anyone following TA (just overhead but pretty much there).

But as someone stated it's probably all horse shit.
Market just wants to go higher

 

[Tsing Tao]

Quote from LEAPup:

Not many people into TA these days?

ta is useless in markets where it's all about the fed gushing money in to chase assets.

manipulated markets, if you will.

 

[LEAPup]

Quote from Tsing Tao:

ta is useless in markets where it's all about the fed gushing money in to chase assets.

manipulated markets, if you will.

I'll have to agree.

 

[candles]

It'll just keep going up for months and months overall. The odd dip wil be bought with a vengance!

 

[LEAPup]

Quote from reversiontrader:

May as well throw the .618 retracemennt (from top to bottom)in there as well for anyone following TA (just overhead but pretty much there).

But as someone stated it's probably all horse shit.
Market just wants to go higher

The lazy W is bullish, and the double top bearish. If putting in the fundamentals of the money printing press (weakens the $$$ driving up stock prices) QE2, better earnings, etc., the double top will be a blip on the screen imo. However, if we stall, and retrace...