I can still feel there is more up, so long as the RSI(14) is less than 80. In fact, the longer it dwindles under 70, the more violent SPY will go up. So it seems it may not have enough time to spring up to the upside today, which will imply it will set off the force in the next few days.
What you are seeing is something that a lot of people look at on a closing basis. If the Bollinger Bands have tightened, there is a good chance of a decent gap. What I have not found, nor do I know of anyone else finding, is determining which way the gap will occur.
Also, what happens more than not is the mkt gaps on the opening, that's it, and it sits dead all day. There have been a few moves where after a .75-1% opening it pulls back a bit, and then attracts more activity, but it's not as common as just sitting here from what I have looked at.
I don't disagree with your statements. In fact, I think you are right on the point. When I held over some calls over the weekend, I thought of this exactly same question. But I thought so long as the trend is still up (from both the short/medium trend predicted by Cobra and Stocktiming.com), plus this 10 day10min plot (plus studying the 3-6 month charts of SPY/DJIA/QQQ), plus the big Ben's backup , I thought the odds of opening/going higher is higher than going the dip side (which would be bought anyway). Guess this is some type of trend study and I am still learning from you and others.
well, not a good typical strong uptrend day close. now we have a biggest red bar with volume surge, so hopefully a rebound here, then we'll see.
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The mkt has not closed at 1420 as yet and for more up mkt we will have to close 1420 and higher at least 3-4 times.It does seem the mkt is getting weaker..Lets see.
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Both DJI and SPX trading in same up sloping channel, with three tries to the upside, we need to either break out here, or we get another attempt to break the bottom channel support...IMHO....