Discussion in 'Technical Analysis' started by santosLhalper, Feb 6, 2010.
No predictions, just charts.
5 yr weekly SPY
60 day hourly SPY
UUP 2 yr daily
UUP 60 day hourly
OK, some comments (but no predictions!!) about what I have posted.
On the SPY chart, the rally from March to January managed at the very end (and with much labor) to escape that long term trendline connecting the October 07 and March 08 highs. In the past 3 weeks we have once again fallen below that trendline on very high volume. Can the bulls regain it or is this the kiss goodbye?
Zooming in to the SPY, notice the importance of the 110.40 level (aprox). This was the breakaway gap from Oct 08. MM's could not trade through it to the upside for all of December, they had to gap it and finally held it, but only for about 6 weeks. We broke below it and it acted as resistance during the mini rally last week. Again, can the bulls regain this level or is this the kiss goodbye?
Finally, many have realized that the dollar carry trade was a huge driver of the reflation trade. With the dollar breaking out of it's medium turn falling wedge and forming a higher low/high high inverse H/S pattern (and channeling quite nicely) is Uncle Buck in the early stages of a cyclical bull? How will this affect stocks? All comments, criticisms, flames appreciated!!!
More charts to come if people show interest!
If they say the trend is your friend, I believe the broken trendlines speak volume. However, the daily hammer that formed on friday could lead to a tag of that 110.40, provided 108.5 is broken with any kind of conviction. I will be looking for follow through on the hammer on monday, but I will let the trendline tell the tale.
Thanks for the charts
silver is interesting
60 day 15 min
I like your charts!!! Can you get rid of the channels though?
Please post a weekly chart of RJZ and DRR (together on the same chart)
Separate names with a comma.