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.
Friday, January 7, 2011
SPY Nothing New
Not much has changed this week. The SPY traded between support (green line 124.66) and resistence (Top red line 130). Its been a real slow grind and vol had not got back to over 300 million yet. It seems anytime we get vol over 300 million its usally a down day so until that vol come back they will likely run this market to the 130 mark. If we should get a intraday touch on the 130 I may do a short scalp on the SPY but will have to see what pattern we have at that time.