Monday, November 14, 2011

Quick Market Update

Since the SPY on this 15 min chart has lost momentum in the last 2 periods as seen by the longer lower wicks and the second real body (the last candle) being very small, as well as the uptick in volume, it would seem that the market has found an intraday level of support and it makes sense as well as it falls right about at the lower end of the gap which provides support as well. I would think for the next few hours we will likely see some intraday bounces or at least a consolidation in the area, maybe another triangle and then look toward the 3 pm hour for the action to pick back up.

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