Meet Dagger!

There"s Bulls,there's Bears,and then there is Dagger. Funny note: A cloak and dagger attack is one in which a deceitful, traitorous, or concealed enemy attacks a person.

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Lesson

Trust your own setups and act,do not wait for affirmation from anyone!

Taking Note

$BKX took a run thru the psycho 50,only to fail up at 51 and fall right back,yes not at 50 as you would expect on any retest,but slice right back through 50 and below 48 to close at 47.06.Not exactly a sign of strength.

Spy trading near 106 again,not exactly a sign of strength,under 105 and I'll be looking for 101 to break next time,"the real Head and Shoulders" will be quite fun for those unprepared.

AUD/JPY 73 seems to me a critical area if it ever breaks

Oil um,yeah ok next topic. (80-70 rangebound)

Spy Head and Shoulder follow up

The spy head and shoulders pattern I mentioned in may here has been playing out.Will it follow thru with targets now,only Mr.Market can say.I would think if we get a weekly close under 101 area,then yes it should follow thru to at least 95 area.Then possibly 88ish.There is also the potential for another bounce from here if 101 holds.What I would actually like to see is more of a slanted head and shoulder pattern like the one I originally anticipated.Everyone see's the neckline as that straight line across the 104-105 area.I would like to think more that the neckline is just forming here at 101,then possibly bounce back to create another shoulder.Keep in mind that patterns can form within patterns.Watch weekly closes over next few weeks for direction.This area of 101 is a larger confluence area,coinciding with a longer fib retracement,a moving average,and a prior support area.Look for over/under here.

SPY "Potential Pattern"

SPY Pattern

In reference to my previous post here ,seems to be slowly playing out.This is anticipating a pattern that has not completed yet and will take weeks or more to form.I'm watching to see if spy gets to 101 area to form a neckline,then possibly form the right shoulder of what is appearing to be a head and shoulder bearish pattern,but we'll see in time.

Areas to watch

The markets are getting sold off as I write this.Areas to watch on the SPY are here at 108,105(tail of the flash crash,and a measured move of the wedge that was formed and now playing out.),102-101 coincides with the 100sma and 38% retrace of the entire rally from 2009and last,but not least,around 95 which would be a 50% retrace of the "rally".Keeping in mind that patterns take time to form,and that all technical analysis can get thrown out the window during "crashes" these are general areas to watch and see how price acts around them. On the upside 112-115 will be an area to contend with,but I think at some point we could see that spy 95 area.Have to see how things play out over time,probably next 1-3 months.