Does SPY gapped filled mean end of rally?

Please do not post this crap. Thank you.

 

Nope.

Only gap now has been filled. Looks like gap filled, market heading lower for good.

Do you have a chart to show?

 

You're right in that there is no other gap to fill.

As far as heading lower for good, that could be, and I tend to agree, but we've not closed below 107.33 yet and possible bearish wedge is not confirmed yet either.

Here's a chart:

 

no gap at 112.5, correction!

 

Great chart.

The question for me is are we going to accelerate down and break below the last higher low support which was around 1015 from end of last month or are we going to make a right shoulder and make a head and shoulder pattern before breaking down and accelerating....hmmmmmmmmm

 

hmmmmmmmmmm is right.

To me, we are at a confluence of resistances which makes me want to favor a top for now or perhaps a topping area. Of course I could be 100% wrong and will happily wait for confirmation prior to changing my bias.

Here's a blowup of the daily SPY:

 

Excerpted from a recent MarketWatch article, take note of Lee's final comment:

"U.S. equities seem to have stalled at an invisible ceiling since exceeding 1,090 two weeks ago," wrote Thomas Lee, U.S. equity strategist for J.P. Morgan, Thursday.

Analysts say the first round of better-than-forecast earnings means that the next round of companies needs to do even better to keep the rally going.

Visa, Inc. (V), General Dynamics (GD), Procter & Gamble (PG), MetLife Inc. (MET) and Sprint Nextel Corp. (S) are also scheduled to report results.

"The bar is high for the third quarter, given high investor anticipation," wrote Lee. "Still, we are buyers on weakness."

 

That's what was said before AMZN, COF & WHR reported end of week. Guess the bar even higher now.

 

Agreed.

I have been selling the 1090s and above the past week. I have been waiting for the BIG breakdown but the market continues to make higher highs and higher lows on the daily timeframe(lower volume retrace if you look at a weekly timeframe). At this point, I will take partial profits at the 1050 area and below and see how everything else pans out.

All this positive recovery bull is making me sick. I drive around the burbs of Philadelphia and New Jersey and all I see is massive bankruptcies of small businesses and commercial real estate space for rent. Sad state of affairs.

 

We had a gap fill, wednesday we had a huge sell off and closed what down 90s, thursday up 120, friday down 110. I think everyone is wondering the same thing.

Let the market tell you where it will be heading if we did top off we will have many great shorting opportunities. If still goes higher well, my size will still be small unless something great comes by