SPY 60 min- Maybe one more day up for a Tuesday crack on fed day. Watch to see if this rising wedge plays out. If we show bullish signs in the a.m I would look for an up Monday and a sell off on Tuesday matched with the FED stuff. Shake and bake Ricky Bobby on the shorts only to slam them on Tuesday with a reason. Lets see what happens!! Gotta love it !!
Hello traders,interesting week we had on are hands and it is going to get more interesting going into next weeks heavy economic data. Things I want to note out on this chart that I have used to guide you guys back up to these levels after the sell off we had =). First, we are once again looking at the /ES on a 3day candle time frame. This allows us to find hardcore levels and notice volume patterns at the same time. Looking at the chart above you can notice the 3( 9 days really) day candle pattern that took us back up to the highs. That pattern is called an inside and out pattern. Look it up on google if you are not familiar with the pattern. So now that we are back near the highs, you can also notice how the volume these past three days have been heavier than the volume the past 6 days. So looking at just volume and how we closed you can see there is some buying interest coming in. Notice how the candle pierced the channel line on higher volume. We really can't make much out of this right now until we get the next candle which starts on Monday and will end on Wednesdays close. The next candle will give us so much information and we cannot wait so we can let you guys no so you all can make money with us. Until then, watch the yellow lines as possible areas for a breakout target(1190) and for a pull back target( 1107-1120).
p.s- Basically the targets are the upper dashed lines or the lower ones. Since we are in middle range of both we either break higher or lower to one of them. Lets see what happens = )
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