Wednesday, September 21, 2011

Operation Knee Jerk

Here re the SPY charts
 1 min positive leading in a flat trading range-typical accumulation spot

 5 min leading negative, but shown some improvement.

 10 min leading negative but shown some improvement.

15 min negative leading-no improvement.

It seems the market is set up to move higher, I'm guessing, as usual it is a knee jerk reaction and we are probably in for new lows looking at the 15 min chart, it could have gone positive today if the accumulation was strong enough but it didn't.

I'll be looking for any weakness "if" we do get a knee jerk initial reaction higher, if that goes negative, I will add my shorts that I closed.

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