Friday, May 22, 2009

SPY and the Pivots

SPY had low volume and hung out below the R1 level all day.

Pivot line is 89.10 and that was the lower target if this broke down.

The last bull run at 15:15 failed and the market failed.  Besides a small bear flag at the VWAP, everything went down.

Fortunately, I was positioned in shorts of M (Macys), SPG, MOS and HRB.  When the SPY hit 89.15, I took profits, except HRB which I'm holding.

1 comment:

  1. so... find me the larger possible Bear Flag we "could be" forming on a 2 day 5 min chart.

    it's a quiz... and I'll post mine later.