Matched High in SPY just under 285, last Wednesday. (I might refer to it as a "double top" if the peaks were closer together... technically equivalent, in either case.) Market may or may not do something with this, but it could turn out to be major. Suggest keeping an eye on other significant indices... NYA, Dow, SPX, small caps, Value Line geo.
ok I will bite. I have lots of dough in the market, and I am not even aware of this.... all this TA high/low bs mean nothing to the people on the main street.
That's one of the most ridiculous things I've ever heard a trader say. You're a trader. It means something to you whether or not you understand it.
trendlines, double tops etc... just stuff that live in people's head... sentiment is the real driver... if people have money laying around they will buy, and vice versa.
%% Well it is a double top !! LOL So SPY went down 0.33 %LOL BUT QQQ+ IWM down a bit more than i thought. IWM went down 30%, in OCT 1987; but the panic seller$ wised up later, or maybe bottom fishers. LOL-cant really predict this stuff. But i do agree with the market maker '' 2,000 stocks=hard to sell''even though hardly ever/never do market maker trades.
nobody has a clue really... like in late Jan retail sentiment went neutral and price went way up, and the pros decided to knock it down on some 'inflation' scare... this story was proven bogus only a few days later when qqq made higher high. Then later there was the trade war scare, which again was proven bogus by another higher high on the QQQ and IWM. the sell down from the top just happens suddenly with no rhyme or reason... numerous people have tried top picking from 2009, and most of them have been left in the dust by this bull run. bottoms are far easier to read... so buy and hold is legit... 99% of active managers underperforms the SP since 2006... the ones that beat the QQQ probably can be counted on 1 hand... market timing is pointless, in a robust economy like the USA.
You're free to heed/disregard any info you like. Obvious this kind of thing is not for you... at least not yet, anyway.
%% WELL D8888, THAT means many got worse; used to be only 20% outperformed S&P/SPY.LOL-LOL[Gross] Another problem i have with the market, is now SPY, IWM, QQQ went down more after i posted, which is why i dont post much intraday; IMW,SPY now down again more than 00.50 %%; NOT much but that is about 100% for year, gross anyway. Another problem i have with the market; when some chicago statement$ are only about 95%-not good enough for me.For example ''better be a petrified bull than a penniless bear '', as if that;s the only 2 choices!!!!!
%% I like the Yogi Beara quote about not making predictions-especially about the future LOL. But i expect a good bear move by end of SEPT, QQQ maybe anyway??