Tuesday, January 26, 2010

All you need to watch

We wrote about this range this afternoon -- look at the very nice defined range in the SPY under the 60 min/20 EMA:

Any basing near the top of the range 110.5 and then break-out would increase the chance of success -- the same holds for basing over 109 support and then a hard break. Watch for possible head-fakes if range is broken on extended intraday move.