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Chart Patterns are nothing but Footprints of the Greenbacks.
Thursday, September 08, 2011
Middle of Nowhere
We rallied almost 7 points in the $SPY in 3 days from support, hit resistance today, and reversed. Nothing too surprising here — and also nothing to draw conclusions from except that range-bound strategies are still ruling supreme.
120.8 gap fill — our short alert from yesterday’s newsletter:
We’re in the middle of the flag/channel, basically in no-man’s land for anyone who is not a day-trader (for new positions anyway). Next support in the SPY near 117-117.2.