Hopewell's Journal

Next 5-min buy on SPY might be ok

 

Wow, got creamed today trying to go long. Stupid me. Actually, it's not that I got creamed. I just lost a little bit on many trades, totaling a $200 loss for today so far. That's alot for little ol' piker me.

 

SPY 3min bumping up against resistance at the 200ma.

<img src = "http://i1233.photobucket.com/albums/ff390/Hopewell3/111125spy.png">

 

Yesterday's high looks tempting on the above chart. Maybe Monday it will pop?

 

DTE was showing relative weakness the first hour of the day compared to SPY, but is now showing us relative strength in the past 30 minutes, compared to the SPY. What is this telling us?

<img src = "http://i1233.photobucket.com/albums/ff390/Hopewell3/111125dte1131.png">

 

Apparently DTE was telling us it was time to short the market, lol.

<img src = "http://i1233.photobucket.com/albums/ff390/Hopewell3/111125spy1149.png">

 

QQQ touching LOD, SPY has 40c to go. Weakness in the QQQ is probably thanks to Apple.

 

ROST, DLTR, and FDO are still above 80% within their respective ranges right now. Interesting after this market selloff over the past 30 minutes.

 

If you look at the 30-min chart on a 24-hour timeframe, it doesn't look nearly as bad as on an intraday basis. It just looks like a pullback in a rally. I think the next 30-minute buy would be a great buy. Simply buy above the preceding 30-min bar, with a stop below the same bar.

<img src = "http://i1233.photobucket.com/albums/ff390/Hopewell3/1111251203spy.png">

 

Swingtrade Idea: Short SFLY

First target is low of 10/29 weekly bar at 24.88
Second target would be 200ma on Weekly chart, ~24.00
Third target would be a trailing stop above the previous weekly bar's break.

First chart is weekly, then daily, then 30-min.


<img src = "http://i1233.photobucket.com/albums/ff390/Hopewell3/111205sfly.png">
<img src = "http://i1233.photobucket.com/albums/ff390/Hopewell3/111205sflydaily.png">
<img src = "http://i1233.photobucket.com/albums/ff390/Hopewell3/111205sfly30.png">