NexusFi: Find Your Edge


Home Menu

 





Possible Head n Shoulders on SPY...


Discussion in Emini and Emicro Index

Updated
      Top Posters
    1. looks_one danyzuko with 2 posts (0 thanks)
    2. looks_two cory with 1 posts (0 thanks)
    3. looks_3 garyboy275 with 1 posts (0 thanks)
    4. looks_4 street with 1 posts (0 thanks)
    1. trending_up 1,587 views
    2. thumb_up 0 thanks given
    3. group 5 followers
    1. forum 7 posts
    2. attach_file 0 attachments




 
Search this Thread

Possible Head n Shoulders on SPY...

  #1 (permalink)
danyzuko
San Antonio TX/USA
 
Posts: 15 since Jan 2015
Thanks Given: 12
Thanks Received: 3

I've been noticing for a week or so now, what seems to be a second shoulder on the SPY. I'd like to know if anyone else suspects the same or am I miss-interpreting? If you look at the daily, the left shoulder started in late Nov last year and we are rounding the right shoulder. You have to admit the market is rounding into a downtrend. What do you think? Is the market gonna do a major correction? Does that pattern not qualify as a HnS?

Reply With Quote

Can you help answer these questions
from other members on NexusFi?
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
NT7 Indicator Script Troubleshooting - Camarilla Pivots
NinjaTrader
ZombieSqueeze
Platforms and Indicators
Exit Strategy
NinjaTrader
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
61 thanks
Funded Trader platforms
39 thanks
NexusFi site changelog and issues/problem reporting
26 thanks
The Program
18 thanks
Battlestations: Show us your trading desks!
18 thanks
  #3 (permalink)
 
cory's Avatar
 cory 
virginia
 
Experience: Intermediate
Platform: ninja
Trading: NQ
Posts: 6,098 since Jun 2009
Thanks Given: 877
Thanks Received: 8,090



danyzuko View Post
... What do you think? ... Does that pattern not qualify as a HnS?

yes, it's H&S. yes, I see it every year and no, it will not cause market crash.

Reply With Quote
  #4 (permalink)
 DbPhoenix 
Phoenix AZ
 
Posts: 470 since Dec 2012


danyzuko View Post
I've been noticing for a week or so now, what seems to be a second shoulder on the SPY. I'd like to know if anyone else suspects the same or am I miss-interpreting? If you look at the daily, the left shoulder started in late Nov last year and we are rounding the right shoulder. You have to admit the market is rounding into a downtrend. What do you think? Is the market gonna do a major correction? Does that pattern not qualify as a HnS?

Sorry, no, just a range, like the one in January/early February. As long as price remains above 204 or thereabouts, you're fine.

Reply With Quote
  #5 (permalink)
 garyboy275 
wa/ usa
 
Experience: Intermediate
Platform: Rithmic
Trading: "CL ES 6C 6E" NQ only nowadays
Posts: 266 since Oct 2012
Thanks Given: 202
Thanks Received: 454


danyzuko View Post
I've been noticing for a week or so now, what seems to be a second shoulder on the SPY. I'd like to know if anyone else suspects the same or am I miss-interpreting? If you look at the daily, the left shoulder started in late Nov last year and we are rounding the right shoulder. You have to admit the market is rounding into a downtrend. What do you think? Is the market gonna do a major correction? Does that pattern not qualify as a HnS?

So far every down move in ES gets bought up _ in overnight no less, there is no followthru even to the Vix. Vix over 18-20 range has been a great buying signal so far. Just a slow churn up going on. Asset classes are changing and so is leadership in those . Unless you have a spike down with some followthru hard to be bearish at all. So far every time fed dangles the carrot market drops and things correct from overbought and it gets back on the bullside.

Visit my NexusFi Trade Journal Reply With Quote
  #6 (permalink)
danyzuko
San Antonio TX/USA
 
Posts: 15 since Jan 2015
Thanks Given: 12
Thanks Received: 3


cory View Post
yes, it's H&S. yes, I see it every year and no, it will not cause market crash.

Well no I wouldn't expect a crash from it, but certainly a long term opportunity for a 6 - 12 point downward move. But you guys are right. I'm just considering that unlikely event. The market is very strong and will mostly likely bounce off the 50 as usual.

Reply With Quote
  #7 (permalink)
street
Seoul South Korea
 
Posts: 14 since Jun 2014
Thanks Given: 0
Thanks Received: 6

I've found head and shoulders and technical patterns to be really unreliable in ES. It is such a big market with so many headfakes, that I think you have to be in tune with the fundamentals of that market, such as institutional money flows, corporate actions, etc. Chart patterns are more reliable on an intraday basis, but on the daily, it doesn't seem to work well.

Reply With Quote
  #8 (permalink)
Darthtrader4beta
western NY
 
Posts: 42 since Apr 2015
Thanks Given: 9
Thanks Received: 26


danyzuko View Post
You have to admit the market is rounding into a downtrend.

?

Reply With Quote




Last Updated on April 26, 2015


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts