Friday, March 19, 2010

03.19.10 - Five-Day Broken/ MACD Looks to Cross

Quad Witching has provided the volatility needed to break the winning streak.  SPY has seemingly found support near $115.75.  In as much as I'm distrusting of that support based on very weak internals (it's easy to see an eventual move to the low $115s) -- it would be typical of recent action to ramp into the close, so I'll respect that support for now even as I'm disinclined to switch long.  Oh, and I have no idea what they are talking about on CNBC, volume has been huge -- the re-balance trade may be contributing.  [Add:  Note that I forgot to adjust for going Ex-Dividend, but I think comments were still good.  Seems that support held and Tick is attempting to repair.]

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