9:40 a.m. New York time
SPY has for a third day begun trading in a very narrow range. A traditional chartist would look at SPY, nod sagely, and mutter, “Topping behavior.”
The position expires Aug. 17. I’m going to give it a bit more time in the hope that the topping will turn into a price collapse and return my position to profitability.
The SPY chart covers one month with daily bars. The subchart is the Fisher Transform Trend, which produces a binary true (high) or false signal on Fisher crosses.
By Tim Bovee, Portland, Oregon, Aug. 9, 2018
Tim Bovee, Private Trader tracks the analysis and trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.
No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decisions for his or her own account, and take responsibility for the consequences.
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