SPY- Rocky At Altitude
Updated
Declining Volume on the daily chart reinforces the indecision and is a signal for a trend reversal.
Yesterday's candle was a massive doji, butterfly, hangman, whatever you call it was extremely indecisive, also signals a trend reversal.
Today we gapped up as per usual with the nightly futures bot trading this past week. But this plane is starting to shake. I am seeing a lot of uncertainty in the small timeframe price action.
Finally, I want to look at the Daily Stochastics, we are getting ever closer to the inevitable crossing, which historically (represented on the graph) has been a great indicator even in a consolidation phase, in a bear market I expect the results to be quite aggressively sold down.
*We could inch a little higher, no problem, but the warning signs are in and once the selling starts it goes pretty fast. When all the pigs run out the gate at the same time... it gets crazy.
Yesterday's candle was a massive doji, butterfly, hangman, whatever you call it was extremely indecisive, also signals a trend reversal.
Today we gapped up as per usual with the nightly futures bot trading this past week. But this plane is starting to shake. I am seeing a lot of uncertainty in the small timeframe price action.
Finally, I want to look at the Daily Stochastics, we are getting ever closer to the inevitable crossing, which historically (represented on the graph) has been a great indicator even in a consolidation phase, in a bear market I expect the results to be quite aggressively sold down.
*We could inch a little higher, no problem, but the warning signs are in and once the selling starts it goes pretty fast. When all the pigs run out the gate at the same time... it gets crazy.
Note
Triple Drive Bearish Divergence on 15 Min and can be seen on the 30 min as well.
Note
A Retest of this area tomorrow will probably fail and then the Head and shoulders pattern will likely play out.Futures tonight could blow through these levels as well so watch the prices tonight and tomorrow morning.
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