Disclaimer: Steelman's Technical Charts are my own amateur interpretations of technical charts and for informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. Steelman's Technical Charts assume no responsibility for your trading and investment results.
Saturday, January 22, 2011
SPY NO PIVOT YET
So Wed nice big down day with a little more vol. Can we called this a pivot day? Technically no. To be a true pivot we have to close below Wednesday tail which is 127.91. The pivot is still possible and in play as long as we don't trade above Wednesday high. If that happens we look for a double top or my next big resistance at 130. The MACD is in slight divergence but nowhere to what I like to see so I am very cautious here with all the fed involvement and stuff it is very hard to load up on shorts. I have one Long and one short via a put option (my trading company would not let me short DRYS so I bought a Put Option instead) I am still roughly 90% cash so you can call me neutral. I will wait and let the market tell me direction before I will commit more money to this market. This again is my interpretations of technical charting and due diligence should be used before any trades are made. Contact a professional stock broke and discuss before any trade are made.