AMEX:SPY   SPDR S&P 500 ETF TRUST
Technically? No. Should you? No. Do you have to? Yes.

Alright - we finally did it! Hooray! Right? Right guys?

I'm not so sure. So instead of us gapping over this god forsaken resistance with a threepeat we actually managed to trade up OUT of our resistance that has kept us canned into the sub $320ish level. And surprisingly we did it during the cash session. But, it was lack luster. No fireworks, no excitement, no confetti. Why? Because it was the same 5 stocks that got us here in the first place. The bears just let us breeze on through.

Another thing that was interesting to me is how clean the technicals were today. Remember how i feel about that? Today was an incredibly technical day to trade. We opened basically flat after being down in the futures market 30 points overnight and after about a 30 min boxing match between buyers and sellers the buyers seemed to win that round, and every other round after that. After that we basically printed an almost perfect bullflag, which played out. And into an ascending triangle , which also played out. The measured target (that telephone pole looking drawing) was hit in late day trading. I will be using this chart to kind of give a walkthrough on how to play these patterns in a future blog post. Other than that it was just a melt up. Plain and simple. Absolutely non climatic for what actuall just happened.
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Comments

The divergence indicator is showing 10 divergences today on the daily chart of SPY! It's hard to believe that they will just continue tomorrow but they could... Transportation was getting killed... canary in the coal mine?
+4 Reply
merkd1904 MRPAPAYA001
@MRPAPAYA001 yea the stay at home trade picked up momentum today. Why tho?
Reply
yes and no. we've had all last week to break lower and even overnight the shorts failed. yes could be a fake-out but could also be a new leg up, especially with MSFT and TSLA due Wednesday. I have no plans to try a short unless we get to 330. Any pullback above 320 is an entry.
+1 Reply
merkd1904 Tannersville65
@Tannersville65 i have to agree. Even a melt up is still a trend upwards.
Reply
What can you say about price volume?
+1 Reply
merkd1904 akatsiya
@akatsiya it was absolutely terrible. Doesn’t indicate a breakout to me.
+1 Reply
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