Market Opinion for Trading Week 18 Mar ~ 22 Mar 2013
Have fun trading !~ |
| SPY - 5 days |
Week closed around 155.32. Does it show greediness? Well it look pretty obvious and break new highs 156.8 on Thurs session. Follow by a profit taking session right before the week closed. Volume picked up on the last trading day despite the sharp sell off at the beginning of the session, bulls doesn't want to give in below 155.50. This might be very probable another trap set to make the cow fat before slaughtering it like a
transgenic animal. Remind me of a video I came across in the past.
Accuracy : 5/7
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| SPY - Weekly |
Check out the weekly candle stick pattern. What's your feeling of the candle ?
Candle body is much shorter with equal upper shadow. Seem like bears are setting a resistance around 155.50. And the bulls are doing their best to hold there. New high and people are once again waiting and sitting on the sides. Those who ride on the commitment last week might want to take some profit just in case.
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| SPY - Weekly Patterns |
Pattern
Possible ascending wedge
There are only 1 similar candle pattern from the past 2 year candles.
1) Around Dec 11 which, the following week gap down and weekly candle closed lower.
As per last week,
After seeing this, here comes the question, if I m the big boys what would I do to make money ? People might want to profit take make them greedy and stay on. So lets wash and rinse both sides. Push it up to break new high again, keep the greed high and collect stops from those who short. Thereafter reverse it and send it out in a hurry to catch those greedy one. $ KaChing $
Technical
Daily candles are moving very closely towards SMA 20
Will it breakout earlier and go test the SMA 50 for support ?
No go zone
Anything not higher than 160 and anything not lower than 150
Opinion of the Market next week : flat and slightly bearish
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