TTHQ

SPY Giving Head Fakes

AMEX:SPY   SPDR S&P 500 ETF
137 0 1
After what looked like a bearish formation from the head and shoulders pattern, it's looking more like a bull flag from the lower level support at the 204 area. We have several reaction points to verify this flag formation too. The markets saw increase volume in trading today and the day ended in a hammer candlestick formation which is considered a bullish reversal pattern. BE CAUTIOUS and trade only what you know...do not guess which way this market is going.

Best to be neutral right now.

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