How I See The SPY chart

Discussion in 'Technical Analysis' started by ess1096, Mar 13, 2007.

  1. ess1096

    ess1096

    I think the market had it's A and B legs of the correction and now it's on the C leg.

    SPY failed it's attempt to break out of the channel again.

    Will it break out of the channel again or drift back down to the bottom?

    Opinions?
     
    • spy.jpg
      File size:
      41.2 KB
      Views:
      102
  2. CTT

    CTT

    If you use a different top for the trend line, you get something like this. Looks like it is bouncing off support.
     
    • s.jpg
      File size:
      34.6 KB
      Views:
      78
  3. Technical analysis just isn't moving the market now IMO.

    Now its mainly based on exogenous factors (Chinese stocks, yen, recession fears, etc.)

    Will take a bit for the market to stabilize so that charts become useful again.
     
  4. ess1096

    ess1096

    True, but that would form a wedge as opposed to a channel.