S&P500 Breakout of Previous Gap Down - August 24 - unitedfinancialplanner.com
The 15 minute chart on the SPY shows a break out from the previous high and looks like it wants to “fill the gap” that was created on August 18 2011.
The next resistance is 119 for SPY.
The price is also crossing the intraday 200 day moving average, another bullish sign.
Keep stops tight and remember, we [...]
S&P500 Breaks Out of Intraday Descending Channel - unitedfinancialplanner.com
The S&P500 just broke out of its intra-day 15 minute chart descending channel.
The faster moving averages also crossed and are pointing upward.
This may be a short term move - so keep tight stops.
Remember, the current bias of the market is still downward.
Technical Analysis of the Market - August 22 2011 unitedfinancialplanner.com
Today was a small up day for three major US Stock Market indexes.
The upward movement did not break out of the intra-day 15 minute chart of the SPY.
It looks like we may come closer to testing the recent lows.
Need to see the SPY break out on the upside by coming out of the descending channel. [...]
Technical Analysis S&P500 August 22 2011 unitedfinancialplanner.com
The recent chart action on the S&P500 is very similar to the chart action on the weekly chart back in 2008.
The similarities include:
Come off a a reasonably long bull run
Penetrated the 200 day moving average
Action on above average volume
The lessons we should learn from 2008 is:
Market traded in a horizontal channel for about 2 months before going [...]
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