We went all the way to 1419 today before encountering resistance and stopping, just a reminder this is the lower threshold of my bearish scenario from yesterday ‘s post. Tomorrow or Friday are going to be very important, do we continue to go up past 1426 to dare I say it new highs? or do we turn around and break down fast and ugly?
Current short entry on spy is at 140.79, any hourly close beneath it most probably indicates the up leg is over and we are going DOWN
you are invited to follow updates on twitter as usual
In the last couple of days I got the pull back I was expecting on the weekend post and it looks like a rebound now. My bullish scenario is a strong rally going to 1452-1493 (making a new high in the process). My bearish scenario is going to 1418-1426 before turning back down to make a new low.
Currently there is a short entry possibility if market goes bellow 139.84 on SPY. I will be updating on twitter the relevant entry points as they change
Possible short entry point in the making tomorrow or Wednesday if the market makes a small new high and then turns around, I estimate the entry point to be around 141 on spy but will have to see first if the market does go up to a new high and how strong it is. Will be updating on twitter of course.