Tuesday, December 27, 2011

The $SPY Knows How to Chill

Below is a chart of the $SPY that was posted last week BEFORE the upside break of this upper black dotted trend line, along with my thoughts posted on the chart. Well, we have now broke through, and we are a bit overbought. Going sideways/flat is quite healthy and exhibits healthy progress.

In fact, the significance of this upper black dotted trend line is quite significant and anything but a rest here after an upside break would be suspect. So as of now, the $SPY is doing exactly what it needs to be doing if we want to test that upper purple trend line.

So chill, take a lesson from $SPY

No comments:

Post a Comment