SPY Distribution | Fibonacci Level $198 | June 15

You can officially draw a down trend line on the SPY daily chart.

Two lower-highs is enough to declare a change in price action. Especially when it is confirmed by higher volume on the days we close lower and below the open.

SPY Distribution Days are Clear

William O’Neill has some new content for the next edition of How to Make Money in Stocks.

Accumulation and distribution takes time because institutions would prefer to not make their play obvious. If you are diligent you can spot it. We are clearly trading much higher volume on negative days and light volume on rallies.

Thursday June 11 had half the volume on a gap higher than Friday June 12 (see chart below).

Using simple Fibonacci numbers and the move higher from October 2014 to May 2015 a 50% retracement would be the $198 area.

June 12 Stock Market Today: Map of the S&P 500

Day Trading Game Plan: The SPY

spy distribution

SPY chart is showing us we hit the new down trend line. The daily spy candlestick was a doji as well, two reasons to expect the market to trade lower today.

spy distribution

Stocks to Trade |Monday June 15, 2015

Pete’s Notes:

  • Casino stocks, oil and gas, internet information providers poised for volatility

Interesting Chart Lessons:

QCOM | Qualcom Inc broke out from a long-term pennant. $62 is the next level. Has nice short-sell potential.

spy distribution

Earnings in play today > 1M avg shares:


Bearish Ideas ATR/Volume/Price: scty, lvs, wynn, dvn, apc, unp

Weak Stock Weak Close: cnq, cnx, fe, twtr

Strong Stock Weak Close: lly, nuan, abbv, tasr

Weak Stock Strong Close: kors, gmcr, aal, agnc

Strong Stock Strong Close: SINA, FEYE, QIHU, CIEN, JD, M, MBLY,

20 day Breakdown: cpn, gpk, oke, twtr

20 Day Breakout: WBAI, SINA, FOLD, QIHU, MBLY

2x Normal Volume: fold, agnc, kmi, twtr, lly, bax, mbly

Watch List Longs: SBUX, MET, MS, COF, PNC, JPM, M, C, ADBE>77, ORCL>44.50

Watch List Short: chk, swn, kss, wmt, cvx<99, mo, trv, mrk, jnj<98

Inside days: lly, vlo, abt, lvs, kors, yoku, cof, ip, pgr, ccl, rio, hig, ttwo, nflx

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