Friday, May 1, 2009

SPY head fake????

SPY is giving a head fake.... 
The suspense is killing, but the MACD, XLF and IYR didn't buy that break above 88.

VWAP is 87.40

S1 is 86.54

Pivot is 87.78


  1. in that chart 11:30-1:00 that was an ascending.

    but the rest of your "Ascending" call was garbage.

  2. Yup, there's a trend line drawn from 12:00 to 13:30 which was the ersatz ascending triangle. The head fake occurred above resistance as evidenced by the evening star doji and confirmed with the next down-bar.

    Don't know how much to read into it, but the SPY went all the way down to the vwap (known as the "Kneale yee-haw vwap") then retraced and ended on the pivot.