The stars aligned today! My predicted high of today was 458.03. We made an actual high of 458.12 followed by immediate rejection. This also happened to be VERY close to a descending channel of resistance. That was my que to take an aggressive short position (circled in red).
I am trying to avoid swinging under these current conditions, but couldn't refuse this entry because the stars literally were aligned perfectly.
My intra-day targets are in blue and purple. Blue indicates ones we can realistically expect by tomorrow/Friday, purple by Friday to next week.
Target 5 is a pivotal area. If we reach it and bounce, SPY would be forming that famous V shape on the daily chart that generally means at least a momentary uptrend. If it busts through target 5, we could be looking at a failed V recovery and I would anticipate retesting the 420s and possibly lower. Honestly, I don't know, nor really care this point. That's a future me problem/analysis.
Right now, I am focused on hitting these targets to slowly scale out of my position. Based on my math we could be seeing lows below 440 by Friday if we continue with the aggressiveness we saw in post-market today.
These targets are based on statistical analysis I do. I don't trade indicators (aside from paying attention to RSI), I simply chart regression hypothesized points and play the price action around them.
This chart is meant to be informative and offer a different perspective on stock behavior (a mostly mathematical based one) instead of one swarming with 50 million indicators ;-).
My regression analysis is done in SPSS.
Not financial advice. Trade your own plan and plan your own trades.
I am trying to avoid swinging under these current conditions, but couldn't refuse this entry because the stars literally were aligned perfectly.
My intra-day targets are in blue and purple. Blue indicates ones we can realistically expect by tomorrow/Friday, purple by Friday to next week.
Target 5 is a pivotal area. If we reach it and bounce, SPY would be forming that famous V shape on the daily chart that generally means at least a momentary uptrend. If it busts through target 5, we could be looking at a failed V recovery and I would anticipate retesting the 420s and possibly lower. Honestly, I don't know, nor really care this point. That's a future me problem/analysis.
Right now, I am focused on hitting these targets to slowly scale out of my position. Based on my math we could be seeing lows below 440 by Friday if we continue with the aggressiveness we saw in post-market today.
These targets are based on statistical analysis I do. I don't trade indicators (aside from paying attention to RSI), I simply chart regression hypothesized points and play the price action around them.
This chart is meant to be informative and offer a different perspective on stock behavior (a mostly mathematical based one) instead of one swarming with 50 million indicators ;-).
My regression analysis is done in SPSS.
Not financial advice. Trade your own plan and plan your own trades.
Premium indicators and content have launched! Get access at: www.patreon.com/steversteves
My stop loss is set above 458. If we somehow manage to break through 458 tomorrow (I would be shocked), then we can reasonably anticipate hitting the 460s, including 463 (which falls within my projected calculations if 458 were to be broken down).
I am counting on this not happening, but it is possible!