Tuesday, February 1, 2011
No Comfirmation and WOW
Well my last comments yesterday no confirmation on the SPY I wouldn't trade this market. I wish I had listened to my own words. I tried to scalp the SPY on a day trade and lost 10 cents, THANK GOD FOR STOPS. Famous last word, the stop saved me another 20 cent lost but the big thing is I didn't listen to my own word and that the pivot was not confirmed, and the markets rallied to new highs. We broke 130 mark so next support will be even number 131 then my big support is 132.56 the 2000 highs shown on the chart below.Low vol again under the 250 million mark again and the markets go up. Now that we broke 130 it now becomes support. If we break that then next support is that 127.17, But again lets not get to far ahead of our self specially in this market.
This is my interpretations of technical charts and consult a investment specialist before making any trades.