Is SPY going to break out to the upside or downside? CHART!

Discussion in 'Trading' started by 1a2b3cppp, Mar 9, 2011.

Where's it gonna go?

  1. Up!

    13 vote(s)
  2. Down!

    14 vote(s)
  3. Stay in this range forever (sell short strangles!!!)

    0 vote(s)
  1. I mean this range can't really get any tighter...
  2. 60 min chart is just crazy...
  3. Post it up yo!
  4. moonie


    60 min chart.......
  5. promagma


    I voted up .... challenging the upper trendline now ....
  6. circoloco


    Of course it will break to upside.

    This is a one way market, being long is a risk-free trade...
  7. Here's a .jpg of your pdf.
  8. And today was a doji on average volume. lol.

    Tomorrow should be the deciding day.

    Vote now before the open!!!!!!!!!!!!!!
  9. I think a better question than which side of this wedge gets broken first, is will it be a false breakout (will the breakout fail or succeed)?

    Even though I am bearish (I shorted NQ on Monday, sadly covered Tuesday at B/E at the day's highs after sitting on some decent unrealized profit), we are still in a strong uptrend, which means a breakout to the south is more likely to fail than a breakout to the north (depends on your target I guess).

    In these situations I'm usually sitting on my hands to see if the first breakout fails, then take a position in the opposite direction to take advantage of all the suckers who will shortly realize they were wrong. If the first breakout succeeds, oh well, I missed out. With all that said, I'm currently considering going long on a breakout anyway, particularly if it coincides with a drop in oil and positive news in the M/E. This market just feels like it will take any excuse to jam higher. While oil and ES are inversely correlated directionally right now, the intensity with which they are moving does not appear to be tightly correlated.

    As with all things trading, there are only probabilities, never absolutes.
  10. S2007S


    S&P FUT
    1309.40 -6.00 -0.46%
    12128.00 -46.00 -0.38%
    2300.25 -10.25 -0.44%
    #10     Mar 9, 2011