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
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2 comments:

  1. EricMay 2, 2009 at 1:05 AM

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

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

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  2. TonyMay 2, 2009 at 1:52 AM

    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.

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