Wednesday, January 13, 2010

01.13.10 - Retest & Back to Five-Day


Morning follow through was immediately sold for a retest of yesterday's low range only to find immediate support there at S1.  SPY Price then catapulted back to the five-day moving average, where it looks to be breaking through initial resistance.  Indeed, internals are now aligned to upside and the VIX continues to cool off, so I'd suppose we hold to the positive for the day.  However, that rising 5-dma may continue to play throughout the day as alternate support and resistance. Market Sentiment also supports a green bar day (see right side of blog under live dashboard).

Update:  Somewhat surprising to me, a trend day has evolved since writing this post, though we are now seeing some resistance again as the Qs sit at their 5-dmas.

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1 comment:

iv said...

missing your update today!!