Will it take place today, tomorrow, or Friday? What do you think is the answer? SPY came close to 122 few moments ago, but did not hit it. Are first smart money sellers hiding at 122?
There's also another unfilled gap left over from last Friday. Who knows, they may continue to grind this thing higher right through tomorrow's jobs #'s, then tank it after that and into Friday. The range on the daily had a false b/o of the low at 1172.00 ... I could easily see a test of the range high 1223.75 or higher.
QQQ fell fast from high of day to low of day+0.015, and then fizzled. Will there be a second bears charge on the low of day in next 20 minutes before the closing bell? It looks as if traders might have shorted the market at the open, and were covering with a little loss when QQQ came to the low of day area.
We have now two camps: the trapped buyers from yesterday, and the trapped bears from the day before yesterday: 120.90 and 119.60 are where they could be praying to get out. It is what TA nuts call support and resistance, if I understand their strange language correctly with the difference that they may get those levels in hindsight and by drawing some strange lines.
SPY at 119.60. Is a rally about to start, and to get fueled if SPY hits 120.08 where I would guess the today's bears may have put their stop loss orders?
Indeed there was a rally + when it hit 120.08 it run fast probably fueled by the stops of guys who shorted today's bottom. Now let us see what it will do if it visits the 120 area, to see if there are still today's bears trapped to stop the decline. Motivated sellers for today might start appearing at around 120.42.
SPY at 120.82. Is the market now about to hand the price to the sellers? If it does, are they aiming for 120.ish area?
Now that we have all price action known, I am thinking to print a chart and read all numbers posted today on this thread prior to them happening. In addition to 120.90 (top area), and 119.60 (accumulation area), I plan to read the other numbers, namely 120.08, and 120.40. The moves: (120.85-120.60) + (120.40-120)+(120.85-120.10)+(120.40-120.10). It was a very lucky day. PS: luck is made.