The SPY Head & Shoulders is now morphing into a sideways channel:
What has confused me about today's session was why the VIX was trending WITH the market. Anybody have input on this aberration?
Fresh momentum highs and a close above $93 and have gone very far, very quickly
Just looking at price, the SPY set up very nicely all day long after gaping up into R3, starting with the small flag from the 3rd to the 5th bars, followed by two base breaks later on:
I had a lot of fun (fun = profitable) during the last hour's volatility thanks to FAS and FAZ; playing off of flag patterns on the 1-min chart. These two issues are back in a big way since their reverse split. Look at this nice double bottom-turned trend in FAS:
8 comments:
I find it hard to think that people are buying into this market for keeps. I have to agree with your point that a short squeeze might be a better reason.
Very nice blog Todd. It seems that you are using Tradestation platform? If yes, how do you get the price on the trendlines (on the SPY 60 min. chart).
Thanks
TAJ - hey I like that acronym! :)
The trend is your friend, until it ends, right?
DayTradr - thanks! Yes I use Tradestation. Right click on the horizontal line, go2 {Label}, go2 {show label}
Todd,
The Show labels shows these options - Show Net Change, Show % change, Show Bar count, Show time span. No option for price. Tried using the help but no luck. My trendline setting is freestyle and tried in both TradeStation 8.4 and 8.5
TIA
DayTradr,
I'm not certain we are on the same page, but let us try. So as not to be confused, I am under the impression that we're talking about my Horizontal lines that are on the 60-min SPY chart? Not a "Trendline" drawing, correct?
Try right-clicking on the horizontal line and click Format Horizontal line. Under the "Labels" tab make sure the "Show Labels" box is checked. This should show the data you're inquiring about. Feel free to email me at toddstrade@gmail.com if there's anything else I can help you with. Hopefully this helps with your troubleshooting.
-todd
Thanks Todd. I saw what I wanted to see. I was checking the show labels on trendline. Got it now. Thanks.
Article on WSJ about Wednesday's VIX behavior.
http://online.wsj.com/article/SB124779243160755275.html
DayTradr - thanks much for the link, will have to check it out.
-cheers!
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