Another
"Spike and Ledge" setup this morning as the
SPY registered another minimal new high.
The
SPY did put in some relatively strong volume today (270+million shares,
24-days since we last saw this) and closed the week with both a higher high and higher close.
Funny thing about that volume. A strong order came in right around the previous day's close to support this afternoon's downward swing.
Intra-day we saw some nice equal moves hitting their Fib. Extension targets.
And finally, the SPY looks to be in a bullish
Wolfe Wave. A breakdown and I'll look for a contrary wave (based off of 11/9 as the 1-point). A push higher and the "sweet spot" has an awkwardly wide range.
Speaking of Wolfe Waves, take a look at the recent activity in the U.S. Dollar Index:
The SPY did put in some relatively strong volume today (270+million shares, 24-days since we last saw this) and closed the week with both a higher high and higher close.
Funny thing about that volume. A strong order came in right around the previous day's close to support this afternoon's downward swing.
Intra-day we saw some nice equal moves hitting their Fib. Extension targets.
And finally, the SPY looks to be in a bullish Wolfe Wave. A breakdown and I'll look for a contrary wave (based off of 11/9 as the 1-point). A push higher and the "sweet spot" has an awkwardly wide range.
Speaking of Wolfe Waves, take a look at the recent activity in the U.S. Dollar Index:
1 comment:
Thanks for posting that Spike and Ledge blog the other day. Saw the same thing in MA yesterday and if i hadn't been so busy at work I could have traded it and made some decent money on it!
Post a Comment