Tuesday, April 28, 2009

SPY continuation diamond pattern


There is something a bit fishy about this latest 3 day downturn. It seems v forced. Repeated gap downs but no follow through.
Not unlike the series from apr 3-8. A slow ugly grind down but without forceful volume or direction.

Currently price is approaching the right tip of diamond pattern.

2 comments:

tait said...

What does the diamond formation mean here on SPY? Is that a bear signal or bull? Thanks.

Greenlander said...

bull continuation pattern.
But I think we have v strong chance of going down from here

May 15 - Closed out IWM puts for +120% and picked up DAL and HD Jun calls

I'm going to let the market do its thing this week and probably stay away from new positions until Friday unless something very good pop...