Tuesday, February 22, 2011

Unreal

Here's the SPY 1 min where the downdraft is confirmed throughout the day in 3C

What is "unreal" about it, is that every other timeframe from 1-60 minutes (60 minutes rarely are moved in a day) have all moved to confirmation of the downtrend today, some even have outpaced it. I hope during the last few weeks you've had an opportunity to pick up some of the short trades that were in good risk:reward positions, you never know if this is the crack that breaks the damn. In any case, we haven't seen a move down like this in quite some time suggesting as many of the charts featured over the last week have, there's a change in character underway.

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