Wednesday, August 24, 2011

SPY Update

 As mentioned in a previous update, the SPY was moving to test resistance, I said I wanted to see volume pick up and look at volume as it broke through resistance.

 Here's the 5 min chart to give you a better look at volume.

 I also mentioned that the other averages (in the WM post) were getting in line starting with the 1 min charts, this one is in line

 The 5 min chart is nearly headed vertical, so it's trying hard.

The same with the 10 min chart, note also the stage of accumulation, confirmation, a consolidation and apparently it looks like it's trying to jump back into confirmation on a new local price high

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