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.
Monday, January 31, 2011
SPY Pivot Still No Confirmation
So no confirmation of a pivot yet on the SPY. My last blog on the SPY I said we had to have a close below 127.13 to confirm a pivot and a good chance of a correction. Didn't happen today and the vol was back down below the 250 million again . Low vol, market up but lets see what tomorrow brings. Today could be just a consolidation or pause day. Maybe we hold here a couple days and form a bear flag. I will not trade this until we have confirmation of a pivot.
Again this is just my interpretations of technical charting and consult a investment consultant before making any trades