Posted by: rp on the 23rd of Dec 2011 at 12:43 pm
correction to the post below. the downtrend line that i have the SPY at now began with the doji from 7/7 (it was so small i missed it until i expanded that chart). regardless, same trendline i mentioned. IF the SPY turns down from current levels, it will help to validate what i’m viewing as a potential downtrend channel in the SPY but again, it’s very early in that pattern and we’d need another tag of the lower trendline to confirm. as i mentioned, the QQQ 60 min triangle still has plenty of upside left so even if the SPY takes out this line, the primary downtrend line from the 5/2/11 bull market highs (blue line) is still quite a bit higher.
