Diary of a Financier

Intraday update: SPY downward reversal coming

In Capital Markets on Thu 1 Oct 2015 at 14:40

SPY is meandering so far this week, but it’s maintaining the course I laid-out in my last update – even nailing the interim bottom formed on Monday.

Right now, after having made a comeback from intraday lows, SPY should immediately reverse lower again, as it’s currently at resistance with downside targets at the following ST suSPY 1min/15min 2015.10.01pport levels…

  1. 191.4 (current)
    R shoulder resistance of 1min H&S top
  2. 189.9 (-0.8% fm current)
    1st support
    neckline support of 1min H&S top
  3. 188.4 (-1.6% fm current)
    2nd support
    fill-down gap
  4. 187.7 (-1.9% fm current)
    3rd support
    intraday triple bottom (perhaps morphing into 15min LT fulcrum bottom)

All of these support levels should contribute to the bottoming-process I noted last week, providing a launchpad up through a couple gaps to target 1st resistance ~199.5 (+4.2% fm current), which is the 15min LT H&S top’s R shoulder.

–Romeo

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