Sunday, May 31, 2015

May 31 - Upside breakout from SPY triangle?

Although we finished down Friday, the grinding, back and forth nature of the decline makes me inclined to think we won't just fall 3 days in a row just yet although the advance on an intermediate term has been getting weak.  After breaking through long term resistance, the breakout hasn't occurred...just more of the same up and down churn.  My USO position confirmed its buy signal Friday and the UUP short probably looks like I should've cut it loose Friday based on the volume reading which have been very bullish after declines on lower volume.




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