Thursday, February 25, 2010

02.25.10 - Plunge and Resistance at S2/ 250-min EMA

Most of today's action happened in the premarket session.  Since then it has been slow waves around the VWAP.  Internals are a bit nasty, but not really trending per se.  I'll grant that it "feels like" support here just above the twenty-day moving average, but intraday I'm actually finding the placid VIX action to be potentially bearish... if it is unlikely to continue to trend down then...  Meanwhile, I see immediate resistance at SPY $109.70 and support at SPY $108.90.  Thanks again to Charles Kirk for the interview today -- my fingers are still on fire!

(Note: 5-dma is now colored magenta)

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