Thursday, April 25, 2013

SPY re-approaching long term weekly resistance..

I have SPY re-testing long term resistance which is the line that crosses the highs on the weekly charts over the last 14 years or so.  The 1st attempt to break out failed and closed dead on the line.  Looks like they want to come in for a second go round... that's fine, I see it holding (on a closing basis) although intra day we can expect a massive key reversal type of affair where we puncture it once again only to collapse back and have the markets turn lower. We shall see we are just about there now...

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