Wednesday, September 22, 2010
MArket Update
The SPY did break the $113.50, the development that is a little concerning is the intraday wedge forming in SPY, if this wedge breaks to the upside, it should retrace it's base to the $114.40 level. There's a slight positive divergence on the 1 minute, every other timeframe is solidly negative-this is what I look for to pinpoint a reversal so lets see how this develops. A break below $113 should make this a moot concern.
4 comments:
Spy looks to be forming a falling wedge and about to breakout above. Could be a false move. The overall momentum seems a bit light.
That's what I've been watching-could be a false move, but it will move. 3C was positive at the bottom. With all the other timeframes lining up and this doesn't happen often, that is when I feel most comfortable with the analysis.
3C 1 minute positive and all others negative?
Correct-in the SPY, DIA, and QQQQ
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