Tuesday, March 30, 2010

SPY: bear pattern in trouble

Last Friday the 65-min had a textbook head and shoulders pattern with negatiave divergence. A short was entered with Thursday's high as the stop, which was the "head". A less aggressive stop would be the top of the "left shoulder".

We reached the less aggressive stop this morning, but Thursday high also looks in jeopardy. The target of 1155 is miles away. This week will be interesting since a big NFP number comes out Friday and the stock markets are closed that day.

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2 comments:

  1. VALUE STOCKS BELOW FIVE DOLLARSDecember 12, 2012 at 4:51 PM

    Theirs a chart pattern for every stock. Or just about every stock.

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