Thursday, June 11, 2009

SPY will resolve soon, either way

SPY. The drama just never quits. Now we have this very mature pennant or ascending triangle and the mystery will be solved very soon. The last time we went through this-- two weeks ago-- the SPY broke out to the upside.

Is this a consolidation, or will it break down. Eric votes break down. I still think it will pullback a bit from here, probably back to S1 93.50 or so, but after that, who knows? A break below the cyan line would be a deal breaker, but the thing is that this could happen very fast with a panic move. Be careful.

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