Wednesday, March 25, 2009

Just waiting,,,

SPY broke through the rising wedge from yesterdays chart (blue line), bounced off a fib(23.6%) from the 3/6 low to todays high. We could make another run to the orange upper trend line before collapsing through the lower red trend line of another rising wedge. Today's eod reversal has sent stochs on all time levels to extremely overbought. Waiting for below 76 to release puts and buy calls.

Financials look like they may have a small run in them before they fail the wedge. I don't normally track this...but I need a chart to link to for daneric :-P


Shanky said...

Hello :-O

Good post. I like the wedge, but at this time I TRUST NOTHING>