SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Candlestick Charting--The unknown indicator
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: MonsieurGonzo who wrote (819)11/26/1997 8:08:00 PM
From: Esteban  Read Replies (1) of 1589
 
Steve: Daily SPY report.

SPY Daily chart: 11/21 confirmed hanging man still most prominent feature of this chart. Window of 11/19 morning attack held which is good, but the weak candles that have taken us out of the window could be the beginnings of a falling three methods bearish continuation pattern. However we don't have much of a short term downtrend going here, so I'm skeptical about the validity of an underdeveloped continuation pattern with such a puny downtrend to prolong. Intermediate uptrend still in effect from 10/28 and we are nearing it. The next day or two should tell the story.

SPY 90 min chart set the tone today with a hanging man at the 12:00 close after bullish morning attack. As you say about INDU, uptrend still in tact.

SPY 5 minute bar is completing a descending triangle that should resolve Friday, early. Uptrend beginning 12:00 yesterday broken by evening attack. PSE wandering, no help.

If triangle resolves negatively, I'll probably reverse and go short SPY using downtrend starting from today's morning attack as resistance. If upside resolution, we need to break 96 for uptrend to build steam and challenge highs of 11/21.

I don't know how to factor in the expected low volume on Friday. I still feel the price swings just as intensely, low volume not withstanding. Could make it rough on a trend following system. Any thoughts?

Enjoy your holiday, Steve. We'll miss your exuberance.

Anyone who cares to comment on my SPY analysis, I welcome your input.

Esteban
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News