christian.langfors

SPY - NOT LOOKING TOO GOOD...

AMEX:SPY   SPDR S&P 500
spy
This is beginning to look more bearish than I had imagine at the beginning of the week. If we close at this level without buyers stepping in, could see pullback to lower bollinger bands on daily time frame! MA20 on daily is now first better support.
The chart was bearish the entire last week, but nobody gave a or most were too blind to see the downtrend. And so the price chugged along last week without a pullback, making it stable again for this week. At least that is my conclusion. If the market really has such a lag and starts to get bearish, when it's starting to get bullish I'm on the wrong side on Thursday open.
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ChartArt ChartArt
I mean at the end of last week the market was almost repeating this downtrend pattern:

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You're right! The candle drawn now on daily is ugly, bulls have though shrug off similar events before, guessing on more down though..
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