SPY Daily Chart
|July 10, 2014
Price is bounced from the 20MA but failed to take over the 5MA today, notice the small channel near the major top of uptrend channel there is little upside room and DMI directional are heading both to the center. Key levels to watch the 5MA ($197.26) and the Fibonacci resistance $198.85. Support at $195.84-$195.38
February 23, 2014
SPY Price is at the top of major Fibonacci resistance $185, and has tested this level 5 time for the past 2 months and failed to breakout, robust indicators are Bullish/Neutral but price had rally +11 points since 2/5/2014 without any pull back, I had been playing the top of the rally " Cashy and Cautious, taking profits from longs last week.
I have a full short position on the Spider with my eyes on volume and Key level $185 if the bulls take off from here taregt will be $190.
February 16, 2014
SPY Price keeps making higher highs with huge support at Fibonacci $181.76, next resistance is Fibonacci $185 but the top of the uptrend channel is around $190; DMI directional crossed for the bulls with ADX above 20 meaning strong bull, also notice MACD histogram is increasing and divergences convergences are crossing "zero “line meaning bulls will get stronger and stronger. A move above $185 will confirm a breakout to new highs and that’s is the key level to watch.
November 2, 2013
SPY Price printed second red Heikin Ashi candle near to Fibonacci resistance $176.89 targeting $174.61 to the downside but notice that those candles have not upper shadows meaning the downtrend is weak and price can move sideways for a couple days and bulls can try to take out $180, robust indicators still bullish and 10sma worked as support for the bulls so far. A move above $177 could confirm that the bulls want $180.
September 24, 2013
The last two times we got a DEMA 5/21 crossover on SPY price dropped from 5 to 10 points. DEMA 5 is at 170.60 and DEMA 21 is at $170.48..very close! Heiking Ashi red candles are signaling a reversal.
September 4, 2013
Price is very near the bottom of the major uptrend channel and is trying to get back above $166.36 Fibonacci resistance, Indicators are totally bearish but at this level is risky to get short.
McBillion Bulls: Enter Long above Fib resistance $166.36 resistance/exits $167.75, $170, $172 Option traders use Sep13(W) 164.50 Calls at $2.30
McBillion Bears: Enter Short below $163 Resistance/exits $162, $160 Option trader use Sep 13 (W) 164.50 Puts $2.90
August 29, 2013
Price Keeps movings sideways near the bottom of the uptrend channel, notice Heikin Ashi candles still red with not shadow meaning price have'nt decided to follow the bear completly, DMI and MACD are bearish and strong, the bottom of the uptrend channel is $162 a level to watch if Fibonacci support $163.57 and 100SMA breakdown.
August 23, 2013
Price is moving sideways between fibonacci levels $165.05 and $166.36, we got the first Heikin Ashi green candle but is a Spinning top with shadows meaning there is indecision, DMI is bearish but plus directional is at the same level it was back in June 24, I'll be watching $166.36 to see if the bull can take out this level but if price breakdown again we may have anothet 1 to 2% correction and $163.37 should be the next support.
August 21, 2013
Important Fibonacci support levels to watch $164.71 and $166.36 resistance, robust indicators like DMI and MACD and DEMAs are Bearish and the bear is getting strong, one possible area to go long $163.50 but if the level dont hold them $162. Cheers
August 16, 2013
Where do you think this is going? right at 50SMA, Indicators are Bearish with a croosover on DMI, MACD and DEMAs. $163.50 looks like a good entry to go long but for now stay short like I did on the $169 breakdown.
August 2, 2013
1 year Daily chart on SPY, Notice the breakout at $169.14 ad the high above $170.90, so the questions is do you see a reason to sell and run, I dont, I see price retesting the breakout ant $169; all my indicators are bullish and I still long of course I always follow price a breakdown at $169 would be terrible for the market since VIX will pop from a double bottom pattern and will cause panic everywhere.
Nelson Molina "McBillion" is not a registered broker-dealer or investment advisor .Individual performance depends upon each student's unique skills, time commitment, and effort.
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