SPY perspective from my Unfilled-Gaps Chart now shows that there are 4 Upside Gaps off of the December low that have not been filled. What this tells me is that WHEN this market rolls over, there will be plenty of "gap magnetism" on the downside to preoccupy technically influenced traders.
Today's opening left an up-gap from 274.12 to 274.95, which so far has been partially filled during the mid-morning pullback to 274.56. I have to think that at some point today, SPY will press to 274.12 to fill the entire gap. The BIG QUESTION is what happens then? If SPY remains exceedingly bullish, then it will pivot to the upside off of the 274 area, and head into another upmove towards a retest of the high at 275.93, or higher.
Conversely, if the SPY is exhausted, any upside pivot off of 274.00 will fail, and SPY will roll over into a more serious nosedive that seeks to fill the up-gap left behind on yesterday's (2/12) open from 270.66 to 272.34.
Lets see what the afternoon session has in store... Last is 274.86/87
In using any portion of MPTrader, you agree to the Terms and Conditions governing the use of the service as described in this disclaimer. Our disclaimers, policies and terms are subject to change without notice. MPTrader (www.mptrader.com) is published by AdviceTrade, Inc. and MJP Market Strategies, Inc., both of whom are publishers. The Web site is maintained by Codexia, LLC and has a marketing affiliation with The Technical Trader. None of these firms or individuals is registered as a broker-dealer or investment adviser either with the U.S. Securities and Exchange Commission or with any state securities authority. Mr. Paulenoff's commentaries and index analysis represent his own opinions and should not be relied upon for purposes of effecting securities transactions or other investing strategies, nor should they be construed as an offer or solicitation of an offer to sell or buy any security. You should not interpret Mr. Paulenoff's opinions as constituting investment advice. Trades mentioned on the site are hypothetical, not actual, positions and Mr. Paulenoff and employees of AdviceTrade do not have personal positions in instruments mentioned on the site. Hypothetical performance results do not include trading commissions and other execution costs that would be incurred if the trades referenced in the diary or elsewhere on the site were actual trades. Past performance is no guarantee of future results. MJP Market Strategies, AdviceTrade, and Codexia cannot and do not assess, verify or guarantee the suitability or profitability of any particular investment. The risk of loss in trading index futures can be substantial. You should therefore carefully consider whether such trading is suitablef or you in light of your financial condition. You bear responsibility for your own investment research and decisions and should seek the advice of a qualified securities professional before making any investment. As an express condition of using this service and anytime after ending the service, you agree not to hold any employees of MJP Market Strategies, AdviceTrade, or Codexia or the companies themselves liable for trading losses, lost profits or other damages resulting from your use of information in MPTrader in any form (Web-based, email-based, or downloadable software), and you agree to indemnify and hold MJP Market Strategies, AdviceTrade, and Codexia and their employees harmless from and against any and all claims, losses, liabilities, costs, and expenses (including but not limited to attorneys' fees) arising from your violation of this agreement. This paragraph is not intended to limit rights available to you or to us that may be available under the federal securities laws.