SPY – TSLA -11-29-15
Not much has changed since our last post. The only exciting thing was the catch of the low on the 24th. I’ve been sitting dormant since then; holiday, and some programming.
Starting with the updated 60min chart we’ve been focusing on for the past weeks, we still see SPY trading inside the PRZ. Meaning a neutral bias. No way around it.
Bullish levels, if it can hold above the PRZ:
D at 209.74 (very close to the 113%XA at 209.82)
261.8%BC at 210.53
127%XA at 210.76, then the 11/3 high, before a possible run at the 161.8%XA
On the downside we’ll continue to watch the 207.88, which could open the door for a CD leg down to 201.
zooming in a bit, shows the levels a little better:
On a 5min timeframe we see, due to the lateral movement past 2 trading days, both entries for a CD higher and lower in very close proximity of Friday’s close.
TSLA, pretty much the only one that showed some action past two days, which I missed. Noticed a couple traders on my twitter stream caught it; congrats!
On a 30min chart shows it’s at a PRZ. A pullback to 225-226’ish would be interesting area to look for a new long entry. otherwise observe top of PRZ, which is right inline with the previous high, point X. It breaks above that, than follow the XA levels.
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