Bears came out in full force today taking down the SPY all the way to the support line from 10/13. I was expecting to get there towards the end of the week but the force of teh decline was strong today and therefore it is likely that the support will not hold. It is important for bulls that this support holds otherwise my weekend prediction is on its way to fulfillment.
Battle Plan Progress 1/14/2014
SPY is oversold so I am expecting a bounce of some kind tomorrow, will wait for a reversal signal near the trend lines.
* Stop loss lines should be triggered if there is an interval close above them (i.e. 60 min or 120 min ), they are published in the daily blog and updated during trading hours on twitter.
* Take profit lines should be triggered immediately when crossed, they are usually issued during the trading day on twitter.
* Entry signals should be triggered when crossed, but take into account that until there is a confirmation (i.e. close of the interval across the entry signal) , the signal can become a reversal signal.
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