Jumping the Creek (by Fujisan)
This week was totally phenomenal in many ways, and I was overwhelmed by the market reaction. I guess the market was celebrating the 1st anniversary of the crash 09??
Gartley Pattern Update
First thing first - let me give you an update on my Gartley Pattern. In my last week's post, as a part of the bullish scenario, I documented as follows:
"Now, someone asked me what would negate this Gartley pattern and here is my answer: if the market closes above Feb 22's high, then, the market will most likely come to retest the recent high of Jan 19."
As of March 1st, SPY closed above Feb 22's high, and therefore, Gartley pattern is no longer valid and I'm expecting the retest of Jan 19's high.
Jumping the Creek
One of the reasons that I found this week's market movement "phenomenal" is that SPY was breaking above the major trend line as follows:
Here is a close look at the SPY daily. It's been a known fact that this market has been very "gappy" - i.e., it has a tendency of gapping up or down whenever the market approaches the major resistance area. This was one of those "jumping the creek" events.
No comments:
Post a Comment