Cup and Handle on SPY
I've been extremely bearish all day today and as a result I have given someone who is bullish a lot of money.
I wanted to point out a nearly perfect cup and handle that is forming on SPY. I'm still bearish, so we'll have to wait and see if this pattern plays out to the upside. It probably will just to tick me off. I hate the market.
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3 comments:
Scott, hope you saw the 3 push and shorted and later you also could've shorted on a cradle trade; I did but wimped out and broke even - Adrian
Rick,
I try not to be biased for the whole day unless I find a technical reason to trade in one direction only. I look to the TICK, the Advancers and Decliners and the size of the opening gap for confirmation or non-confirmation.
I also try to look at 15 and 30 minute charts over the last week or so for longer term patterns.
Adrian,
I saw it, but wimped out like you. I'm such a weenie.
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