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SPY Chart Preview: Looking Okay, For Now

ByDragonfly Capital
AuthorGregory W. Harmon
Published 06/27/2013, 12:57 AM
Updated 05/14/2017, 06:45 AM

Remember last year (in fact every year) when you get together with your friends over the 4th of July? After discussing the kids and local baseball team they look at you, because you do something in the stock market, and ask you what you think. You proceed to rattle off how the 38.2% Fibonacci was just retested and the fall out of the Bollinger bands® was matched with a Hammer reversal so things look ok for the SPY now. Unless the 20/50 day SMA cross snaps it back lower, then the downtrend continues with another lower high following a lower low.

Remember how they did not ask you anything else the rest of the night? Your neighbors and friends talk to their spouses and kids via text messages for the most part, so they did not want a real answer. They were just being polite.
SPY
Above is a guide for the correct response for a given level in the SPY this year so that you don’t feel like you need to leave before the Fireworks Grand Finale. I wanted to make sure you had plenty of time to practice in the mirror ahead of time to have it look real. You can thank me later.

Disclaimer: The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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