Tuesday, April 28, 2009

SPY continuation diamond pattern

There is something a bit fishy about this latest 3 day downturn. It seems v forced. Repeated gap downs but no follow through.
Not unlike the series from apr 3-8. A slow ugly grind down but without forceful volume or direction.

Currently price is approaching the right tip of diamond pattern.


tait said...

What does the diamond formation mean here on SPY? Is that a bear signal or bull? Thanks.

Greenlander said...

bull continuation pattern.
But I think we have v strong chance of going down from here

Aug 25 - Re-entered (again) GLD short, long LVS, AMZN, NFLX, SHAK

I have been stopped out twice in last few weeks trying to short GLD.  I have a pretty sizeable position of Nov/ Dec GLD/ GDX puts. Also ha...