I keep coming back to that failed head and shoulders break out that occurred at the 87ish area on the SPY and the volume action that occurred or didn't occur at that time and all the way up since then. As the chart below highlights every single market turn has been marked by a volume spike which one would expect to see. Oddly the one instance where no volume markers occurred is at that failed head and shoulders pattern, which one might expect to see the largest spike of all on the entire chart. My first target is 93-94ish on this down leg but I'm wondering if we are in fact riding on a giant air pocket and now need to retest that 87ish zone at a minimum at some point soon.
Thursday, October 1, 2009
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