Friday, May 6, 2011

SPY Update

I can't imagine that there won't be some selling pressure going into the close with all of the uncertainty over the weekend, who really wants to hold through that? As far a what we have right now...

 1 min positive divergence, why not pump into the close and sell off then?

 SPY 2 min, same deal

 SPY 5 min, same thing, near term upside.

 15 min chart has gone no where today. Considering how far along we are in the day, this doesn't look very bullish.

 The 30 min chart illustrating the most recent cycle up, there wasn't a huge accumulation period so timing for a downside move soon makes sense and the chart is in a leading negative divergence.

The 60 min chart showing a cycle down, and the last cycle up with a new low in 3C or a leading negative divergence.

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