Simple pattern that’s guiding us

  • Posted by
  • on May 24th, 2012

If we break through the upper line on $SPY we should test at least the 100sma (yellow); if we break through lower then we will likely at least visit the 200 sma (pink).   Everything in the middle is noise right now:

 

Yesterday’s reversal and close were a great first step, and we wanted to see follow-thru today to get the fear of missing mentality into the market, but alas that was not in the market plan.  We want to hold but every time we hold we get stopped — scalping only thing working right now for our type of trading.

Volume should lighten up tomorrow heading into the long weekend — so we’re not expecting resolution anytime soon.

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