We are basing at the very important 135 $SPY area while trending higher on the 20ema on the 60 min chart. However note that we have tested it three times already in three days — the more we test it the weaker it becomes. If we revisit again any time soon good chance it will crack.
Thursday, February 09, 2012
Tuesday, February 07, 2012
The bulls couldn’t ask for better price-action thus far as the market is refusing to pull-back and instead is constantly digesting thru time and then making a leg higher. We are at a sticky level– one we posted last week — the $SPY 134.8-135
Extended into a major resistance area but handling it well so far– the more we base near 135 the better the potential break-out will look. We’ve mentioned for a while that our favorite sector right now is the $XLE — good bases in this sector and not extended (compared to market). That’s the place we have been and will be focusing for near future.
Posted by Highchartpatterns at 2/07/2012 01:48:00 PM