SPY - inv. head and shoulders in play
COMPQ - resistance
RKH - resistance (the leader)
XLF - resistance
USO - kinda broke resistance...got some hope now
UUP - strong dollar moving up conflicts with USO
VIX - support strong
A/D - pretty bearish
ETFs - RKH is strongest...tech and financials did well
Analysis: sector causing the rally is RKH...which means that if it bottomed, SPX will too...so far we just see resistance and strong volume...but no confirmation that NOW is the time to call a bottom...need more info...and intraday the move was definitely caused by the head and shoulders formation in SPY...watch that to help guide your intraday trades tomorrow...breakout and every technician will be bullish...so don't step in front of that train...but as head and shoulders formations breakdown all the time in the 30min chart, i think we have a good chance to null the formation tomorrow...definitely whipsaw today...and won't be surprised to have that kind of action tomorrow as well...
No comments:
Post a Comment