Thursday, October 22, 2009

10.22.09 - Bots Defending 500-Minute EMA


Trade Bots look to be hard at work defending the SPY's 500-Minute EMA.  I wonder if, in the day's ahead, yesterday's fast break on the Bove/ Wells Fargo downgrade may embolden bears once more after this preternatural run-up.  Nevertheless, I still see a good chance based on internals stabilization of a break higher just now to the Pivot ($108.75) with the 5-DMA ($109.15) providing next resistance should price action really get motivated.

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