{"id":5093,"date":"2010-05-29T17:17:28","date_gmt":"2010-05-29T21:17:28","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=5093"},"modified":"2010-05-29T17:17:28","modified_gmt":"2010-05-29T21:17:28","slug":"intraday-reversals-indicate-what-2","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/intraday-reversals-indicate-what-2","title":{"rendered":"Intraday Reversals Indicate What?"},"content":{"rendered":"<p>In the final 3.5 hours of trading Friday we touched 109 three times on the SPY and 110.30 twice.  Generally,  this type of up down action does not instill much confidence in market participants, and many believe it is a sign of lower prices to come.  I&#8217;m not in that camp.  Someone definitely was dumping a couple of billion dollars worth of stock right at the end of the day, and caused the SPY to close right at the key 109.40 level.  But I don&#8217;t think that means we trade much lower.  Show me a close below 108 and I will reconsider.<\/p>\n<p>Next week I will continue to watch the market leaders and other momentum names to see how they hold up.  Some of the names on my list include AAPL, GS, BIDU, CSTR, SNDK, NFLX, VMW, WYNN, CLF, and FCX.  If leaders such as AAPL and BIDU break to the upside that is a check in favor of the bulls.  If commodity names such as CLF and FCX that have finally broken their long term down trends move higher that will be a second check for the bulls.  And finally, if momentum stocks such as NFLX, VMW, and CSTR continue to squeeze the shorts then we have a recipe for much higher prices.<\/p>\n<p>I am looking for a close above 112 to confirm that the market continues to trend higher.<\/p>\n<p>And if you want some evidence that this market continues to offer amazing opportunities to short term traders then look at the AAPL chart from yesterday.  After selling off to 253.50, which erased the entire overnight gap from Thursday it proceeded to trade all the way back up to 259.<\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/05\/aapl-gap-fill.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/05\/aapl-gap-fill-300x189.png\" alt=\"\" title=\"aapl gap fill\" width=\"300\" height=\"189\" class=\"alignnone size-medium wp-image-5089\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/05\/aapl-gap-fill-300x189.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/05\/aapl-gap-fill.png 570w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/05\/welcome-back-volatility.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/05\/welcome-back-volatility-300x203.png\" alt=\"\" title=\"welcome back volatility\" width=\"300\" height=\"203\" class=\"alignnone size-medium wp-image-5076\" srcset=\"\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/05\/welcome-back-volatility-300x203.png 300w, \/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/05\/welcome-back-volatility.png 530w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the final 3.5 hours of trading Friday we touched 109 three times on the SPY and 110.30 twice. Generally, this type of up down action does not instill much confidence in market participants, and many believe it is a sign of lower prices to come. I&#8217;m not in that camp. Someone definitely was dumping a couple of billion dollars &#8230; <a href=\"https:\/\/www.smbtraining.com\/blog\/intraday-reversals-indicate-what-2\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":143,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1027,239,1026,489],"class_list":["post-5093","post","type-post","status-publish","format-standard","hentry","category-general-comments-2","tag-indicate","tag-intraday","tag-reversals","tag-what","no-post-thumbnail"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Intraday Reversals Indicate What? | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/intraday-reversals-indicate-what-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Intraday Reversals Indicate What? | SMB Training\" \/>\n<meta property=\"og:description\" content=\"In the final 3.5 hours of trading Friday we touched 109 three times on the SPY and 110.30 twice. Generally, this type of up down action does not instill much confidence in market participants, and many believe it is a sign of lower prices to come. I&#8217;m not in that camp. Someone definitely was dumping a couple of billion dollars ... Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.smbtraining.com\/blog\/intraday-reversals-indicate-what-2\" \/>\n<meta property=\"og:site_name\" content=\"SMB Training Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/smbcap\/\" \/>\n<meta property=\"article:published_time\" content=\"2010-05-29T21:17:28+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/05\/aapl-gap-fill-300x189.png\" \/>\n<meta name=\"author\" content=\"sspencer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:site\" content=\"@smbcapital\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"sspencer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/intraday-reversals-indicate-what-2#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/intraday-reversals-indicate-what-2\"},\"author\":{\"name\":\"sspencer\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#\/schema\/person\/8eabc642d328f902a341eb510c67ef27\"},\"headline\":\"Intraday Reversals Indicate What?\",\"datePublished\":\"2010-05-29T21:17:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/intraday-reversals-indicate-what-2\"},\"wordCount\":279,\"commentCount\":11,\"publisher\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.smbtraining.com\/blog\/intraday-reversals-indicate-what-2#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.smbtraining.com\/blog\/wp-content\/uploads\/2010\/05\/aapl-gap-fill-300x189.png\",\"keywords\":[\"indicate\",\"intraday\",\"reversals\",\"what\"],\"articleSection\":[\"General Comments\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.smbtraining.com\/blog\/intraday-reversals-indicate-what-2#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.smbtraining.com\/blog\/intraday-reversals-indicate-what-2\",\"url\":\"https:\/\/www.smbtraining.com\/blog\/intraday-reversals-indicate-what-2\",\"name\":\"Intraday Reversals Indicate What? 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