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The technical position of SPY is currently showing the classic type of formation in the last stage of an advance - in this case at least on the hourly chart. The money flow index peaked a couple days ago, and now it has declined and is ready to poke back above its average. The next cross of the money flow index below its average after a bearish divergence in this position is typically coincident with a top.
Also the daily 14,3,3 stochastics is now basically overbought with %K>80 and %D at about 76. So there is a clear dual time frame of daily overbought, and hourly time frame bearish divergence in the midst of downtrending long term moving averages (252, 200, 63, 50 day MAs).
I would anticipate a multi day top would be likely be in place by tomorrow. The gap up at 195 which is unfilled, would be the first obvious target for next week.
I like the odds and historical expectation stats of entering short/puts here without waiting for confirmation of reversal. A reversal candlestick today or tomorrow, like a bearish engulfing pattern, occurring right at the resistance level in the 200 region which has been established since Aug 24th, would be a nice daily confirmation signal that a multi day decline may begin.
Also a 30 minute 8,21 EMA cross down would be a reasonable lagging indicator to initiate a short with a stop above the intervening high.
Pete
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