Diary of a Financier

Intraday update: Technical rally to fade

In Capital Markets on Thu 8 Oct 2015 at 11:56

SPY (199.3 currently) has followed the pattern I expected per my last update yesterday.  After slipping this morning, SPY’s rallied back into the early afternoon.  This is a ST undulation in accordance with ST technical patterns, and it will fade, yielding to the primary, bearish patterns en force…

Specifically, the ST pattern that’s governing this intraday rally is a 1min bull pennant, with trendline resistance-cum-support holding as we speak — therefore indicative of a rally up to dual resistance ~199.8 (1min flagpole & 15min R shoulder) before the overarching 15min H&S re-asserts itself.SPY 1min/15min 2015.10.08

I maintain my latest priceaction targets…

  1. 188.4 (-5.5% fm current)
    target, 1st support
    neckline support of 15min LT fulcrum bottom
  2. 187.0 (-6.2% fm current)
    2nd support
  3. 182.0 (-8.7% fm current)
    3rd support
    neckline support of daily LT H&S top

–Romeo

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