the top of the gap from yesterday is SPY 85.15...currently 85.60. Uptrending mkt should not go lower than filling the gap. So, 85 or SPX 850 is a good line in the sand for stops.
yesterdays gap fill SPY
Started by
tommyt
, Jan 29 2009 11:55 AM
4 replies to this topic
#2
unosuke
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Posted 29 January 2009 - 12:11 PM
I would suggest 85.25 as support. However, if SPY closes below 85.25 on an hourly, we're back into the range until we bust with heavy volume one way or another.
I had previously mentioned the dominant hourly bar that's keeping the SPY range bound - on 1/15/09, hourly low of 83.30, high of 85.25, on ~100 million shares. On Monday, SPY tested and rejected the 85.25 on dramatically lighter volume, but its pullback was stopped by the 83.30, indicating consolidation. (see chart)
Current Positions: Long EEV @ 40.29, Long DUG @ 24.66, Long DXD @ 59.62, Long SDS @ 72.70, Long TWM @ 61.84, Long QID @ 48.21, Long FXP @ 20.43, Long SSG @ 43.76, Short XOM @ 69.31, Short AAPL @ 117.52
#3
tommyt
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Posted 29 January 2009 - 12:59 PM
much weaker than an uptrend should be..got stopped on remaining longs.
#4
Slothrop
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Posted 29 January 2009 - 01:19 PM
XLF gap fill has a long way to go.
#5
tommyt
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Posted 29 January 2009 - 03:54 PM
Wow, from the bulls standpoint, this giveup was way too easy...could test SPX 800ish again.
