SPY 88 Won't Fall For Months: A Contrarian Hypothesis

I see it down..

 

must be because of the korean dude

 

It's only been 3 days....you said a month.....

 

i know, i know...

but today's bounce makes a lot of sense to me given too many shorts who assumed that 87-88 breach is in the cards.

 

SPY added 4% this week. Looks like my contrarian hypothesis will pan out.

 

the real question is...can it break the previous high of $93.50 or so?

My charts say that is unlikely.....but I find this move up irrational and do not understand it, so I did not enter a short today.

 

added another 2%.

don't hear much talk about SPY 87 level anymore for some reason

 

its gonna happen soon....low volume only works for so long...as we saw today. bear flag on 60 min. chart...

 

Two of my favorite TA items to use is Z-Score which is reaching oversold levels, and when RSI diverges from price. Since Z-Score is reaching a +2 Standard Deviation, and RSI is reaching lower lows while the price is reaching a higher high. This two things say there is some upward risk to SPY.

I do not try to project too far out, if the market based on TA is ready to move, trade it, but I do it with stops. This way I am not locked into thinking it will hit x target, just it is moving up or down and I am on the right side.