Eric has pointed out that yesterday's graph showed the SPY peeking above the short-term pennant and more importantly moving away from the lower trendline. This was the "tell" to today's rally and resolution of the longer term pennant. The red line is the "tell."
The interesting thing is that I saw this "tell" in the GPS graph I put up last night when I issued the warning about holding GPS short. It turned out that was a necessary warning as GPS broke out above resistance of 11.50 (which was my buy stop) and kept going for to 11.85 today.
Eric has pointed out that yesterday's graph showed the SPY peeking above the short-term pennant and more importantly moving away from the lower trendline. This was the "tell" to today's rally and resolution of the longer term pennant. The red line is the "tell."
The interesting thing is that I saw this "tell" in the GPS graph I put up last night when I issued the warning about holding GPS short. It turned out that was a necessary warning as GPS broke out above resistance of 11.50 (which was my buy stop) and kept going for to 11.85 today.
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