HomeTradingTradesSPY – 1-29-16

Not a very good day for me yesterday; PC kept crashing. At first I thought it was a couple Demark indicators I had loaded on my Stockfinder platform. But that didn’t seem to be the case. Apparently something changed in the data-feed I’m using for the @gr8estbot. When I run it, it freezes up my computer after a while. I will have to work on this, so probably not to many twitter posts today, and probably not much trading. well, that’s the price you pay for trying to develop your own apps and indicators.

SPY-1-29-16-dailylooking at the charts, I want to re-visit the daily chart first.

As mentioned; SPY is having a real tough time at the 190 level. if you compare this bounce with the two recent bounces, you see that they are similar in range. Therefore a further decline is still a real possibility, with the 113%XA, 127%XA and 161.8%XA as objectives in case that happens. if it can hold above the 88.6%XA, then I still see 195-196 as target.

Arguably yesterdays action can be seen as a small bear flag; rising,but coiling up . BOJ news however caused a jump higher in pre-market. I’m not an economist, and I don’t make trade decisions based on economic news. So let’s look at short timeframe:

15min chart

Not a clear reading at the moment, in pre-market SPY is trading at the AB=CD PRZ target around 190.6. It gets through that, then the XA levels become the next target. the entry for a possible leg lower is at 189.14, where it closed just a couple pennies below yesterday.

 

SPY-1-29-16-15min

 

 


Comments

SPY – 1-29-16 — No Comments

Leave a Reply

Your email address will not be published. Required fields are marked *