$SPY Analysis 9/9
- John Lee
- September 9th, 2010
As of 8:55AM, we’ll be gapping up above the consolidation highs. Usually (but not always), this means a continuation in the direction of the gap. There is a very large August intra breakaway gap looking to be filled if there is continuation. Even with a potential failure, there should be sufficient support inside of the multi-day range to hold the market.
111 is the most important level for today and whether or not this breakout from consolidation can be sustained.
Update: We spiked even higher before the open. watch the open for any fade potential and whether the market can stabilize or not.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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John C. Lee has been trading for 8 years specializing in discretionary and technical long/short equity strategies. John started investing at the age of 13 and began trading at the age of 18. He is best known as "the Chart Addict" (more) -
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