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SPY Chart signaling further upside?

(Last Updated On: April 20, 2012)

SPY Chart signaling further upside?

The dip recently on the SPY looks very similar to the dips in November of 2010 and March 2011… http://cmttrader.blogspot.com/

 

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I disagree it doesn’t look very similar. It looks exactly. Im pegging the SPY at 1503 based on repeatable pattern. Probably 5-6 months.

 

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The spy looks like it has set up an ascending triangle the last 6 days or so. Tell me what you think.

 

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Oops meant sp5 not spy

 

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I wouldnt say its signaling further upside. Its starting to setup more like a continuation pattern to me. To the downside that is. However, one thing to consider is a downside continuation pattern that fails and traps the bears will be a much more powerful upmove than a pattern that signals a upside move. Thoughts?

 

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many of u may not use these …. but can circulate to yr friends …. just as a point of view to be kept at the back of yr mind ……

20th apr

S&P 500 … spot levels … intra for today …

S&P spot intra
short / long – 1383 / 1388
stop loss – opposite
L targets – 1393/98/1403
S targets – 1378/73/68/63

 

NOTE I now post my TRADING ALERTS into my personal FACEBOOK ACCOUNT and TWITTER. Don't worry as I don't post stupid cat videos or what I eat!

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