Saturday, March 26, 2011

Spy Big Trend Support Never Broke

Well my last blog I told you to watch the green trend line and how it was major support. the next day we broke through it but! Yes never confirmed the break the very next day closed above and for over a week the market has moved up. I think we are close to a top and a move back down. Why do I think that, is the pink trend line was support early Mar. broke to run to the green trend line. So support now become resistance. Where are we ,back at the pink trend line now resistance.

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.

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