Well my last post I told you I didn't think we got the pivot confirmed and that 130 was still my resistance. Well it got pegged on Friday and then someone pulled the rug out from under it. To confirm a pivot we still got to break the 127.13 low back on the 20th but I think we have the catalyst in the Egyptian crisis to get the correction going. There should be a little support on the 50 average but it was tagged once back in Dec since the July lows so there should be some weakness in it, not like a 1st hit. The 1st support will be 122.36 the Nov high (trend line marked in red). But were I see major support is the 119.54 which is a gap window (trend lines marked in blue). This is a area of past congestion where there is gap fill, then Nov lows. (lowest trend line marked in red) You also have the 200 average moving into this area too.
Remember this is my interpretations of technical charting and before you trade consult a professional consultant before acting on any trades.
Remember this is my interpretations of technical charting and before you trade consult a professional consultant before acting on any trades.
Steelie - excellent call on 130 SPY. Keep up the good work. Now have my eye firmly focused on 120 SPY (1200 SnP) as a point of interest.
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