Monday, April 8, 2013

Some SPY Charts

Well if this is the move and it holds, I'm not going to complain, short term positions will be green and we got what we were looking for, but I'll show you why I'm skeptical of this move in particular.



The 1 min chart didn't build a decent positive divergence and thus far there's not confirmation yet, although that could just be lagging a bit.

  The SPY 1 min (and my concern is over the intraday charts, the mid-term charts I have no argument with, they look like the market is going to put in a decent mov to the upside, but this almost seems as if it is a knee-jerk reaction to something.

It was building a decent little accumulation zone, but the way it left it was unusual. So far the 1 min is in line, the 2 min chart is not confirming the upside move yet, although it may just be lagging a bit.

 The 3 min chart really doesn't look like it accumulated much and no confirmation thus far.

 The 5 min chart is where they needed to swing positive and this didn't do that except last week, again no confirmation.

 The 10 min needed to swing positive near term, it didn't other than the leading positive it already put in last week.

I would have expected a deeper pullback to at least create a range somewhere around the green arrow and trendline.


The 15 min chart is in good shape, it's a go, it's just the shorter charts, but hey, breadth is so weak and last week did put in some leading positive moves, maybe, I just wouldn't chase it or put any more long positions (unless they were outstanding) in until this resolves a bit.

I still have a feeling this is based on something, a knee-jerk to some news or correlation, maybe even an algo program.

Like I said though, if that's it, I'll still take it, just more cautiously.

No comments: