Déjà Vu In The Market
- Posted by TheArmoTrader
- on November 1st, 2011
We had a pretty decent gap down today and the action intraday was very back-and-forth. I have said in the past, that the action in the past couple months reminded me a lot of 2010, when we were in a similar range and environment. Well, today, reminded me a lot of a particular day back in 2010.
By late-September of 2010, we had broken out of the range and were on our way to new highs – but not before shaking out some longs (of course). On September 23, 2010, we gaped down (after breaking out), moved up, but eventually finished the day in the lower part of the range as we printed a ‘Gravestone Doji’. Does that sound familiar? Well, lets review today’s action. We gaped down (after breaking out), moved up, but eventually finished the day in the lower part of the range as we printed a ‘Gravestone Doji’. Woah, Déjà vu.
(I would not classify these candle’s as ‘shooting stars’ because there is no real bodies. 2010 had a very small body, 2011 had no body.)
I’ll let the charts do the rest of the talking.
$SPY – SPDR S&P 500 2011
$SPY – SPDR S&P 500 2010
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Jerry Khachoyan is currently an undergraduate student at UCLA pursuing a degree in Political Science. He started trading in September of 2008. He concentrates on using technical analysis and reading the tape to enter the best risk/reward trades. The stock market to him is one of the greatest inventions by man.
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