A good start

  • Posted by
  • on August 29th, 2011

We broke through the upper trend-line and the 20SMA, an excellent start towards the healing process and are now 12% above the $ES_F low of 1077.

 

Volume is abysmal but not a big surprise especially considering last week of August summer trading (and post Irene or course).       Next resistance on $SPY is not until 126/50SMA.   Any backing and filling now above the trend-line/20SMA would be healthy.

The market feels more “kind” –   let’s see if the price-action confirms that sentiment by keeping the trend-low support/gap intact on any test.    If we do reverse in the next few days, we’d be buyers of the first test of that support near 118.5.

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