This is intended to be a forum for me to post chart ideas and hopefully receive feedback and stimulate discussion.It is not intended to constitute investment advice.
Saturday, 7 January 2012
SPY
Interesting that the SPY printed a doji as well as the AUD.
Similar Doji coming out of the 2010 IHS too and the market ripped higher. Everyone is forcing a negative outcome and a bearish view. Be careful. SPY took out the neck line of the big H&S and now has broken and found support from the IHS neckline. Might head lower but the amazing one sided bearishness by every technician on the blogs is a very bullish sign.
Not sure every technician is bearish but hey.I didn't get my sell signal on the Dow yet(see earlier post and the doji is not itself a sell signal.However I did get some sell signals in Europe (eg the morning star reversal on the Eurostoxx) and I think risk currencies are bearish.
Also from a Gann point of view,the 3 months down,3 months up cycle has potential for a reversal of some sort,especially as this larger 6 month cycle is a 50% time retracement of |July 20120-July 2011 rally...."wheels within wheels" as it were. Cycles always have to be confirmed by pattern...weekly doji is a start that needs confirmation next week
Similar Doji coming out of the 2010 IHS too and the market ripped higher. Everyone is forcing a negative outcome and a bearish view. Be careful. SPY took out the neck line of the big H&S and now has broken and found support from the IHS neckline. Might head lower but the amazing one sided bearishness by every technician on the blogs is a very bullish sign.
ReplyDeleteNot sure every technician is bearish but hey.I didn't get my sell signal on the Dow yet(see earlier post and the doji is not itself a sell signal.However I did get some sell signals in Europe (eg the morning star reversal on the Eurostoxx) and I think risk currencies are bearish.
ReplyDeleteAlso from a Gann point of view,the 3 months down,3 months up cycle has potential for a reversal of some sort,especially as this larger 6 month cycle is a 50% time retracement of |July 20120-July 2011 rally...."wheels within wheels" as it were. Cycles always have to be confirmed by pattern...weekly doji is a start that needs confirmation next week
ReplyDelete