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SPY - Wait And Watch Strategy

Published 01/31/2013, 02:14 PM
Updated 07/09/2023, 06:31 AM
BIG
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LONG
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STAR
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DIDA
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NFP
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SORT
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Today's trade:

SPY 3 min

Aside from the morning short trade I got chopped up in the afternoon. The Second short was about a point loss and the 3rd trade (long) was slightly better than b/e (bought 150.10-sold 150.12). I wanted to try and get short into the close but the 2pm bar was too fast and the "triggers" didn't line up right. Kept me out of a choppy environment into the month end close.

SPY 15min
Higher time frame is looking a bit like a Head & Shoulders. The slow line being dragged negative and price working inside the 20- & 50-MA "window". The higher time frame would flip bullish if the 3/10macd fast line turns green (would need momentum over $150.25 coinciding with an overhead trend line break).

Otherwise we can see the 65-min 3/10macd fast line tick back down negative (likely on a $149.50 break).

SPY 65 min
If there's one thing that doesn't make sense to me, it's the QQQ. It spent all year/month in a 2.5% range. If it closes tomorrow around where it is now, the weekly would have a tri-star doji pattern within a Head & Shoulders. From what I've seen, the QQQ often diverges from the other indexes (particularly the DIA) before a turn. Of course, anything over $67.50-$67.75 tomorrow would negate the above thought process.

First of the month on a "big #" (NFP) should be a decent range day I would suppose.

QQQ-Weekly

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