Tuesday, May 11, 2010

05.11.10 - Stealth Trend Day

It took several hours before Up Volume could overtake Down Volume on the significant gap lower, but price has nevertheless moved relentlessly higher since the open on steadily improving breadth and tick readings. At the midday, we see the SPY pausing near R1 on an apparent march back up to its 50-day moving average of $117.45, which also happens to align with the 23% retrace off the highs and bottom of the choppy beginning of month range. Could be an important area to watch. Meanwhile, we see gold at new highs.

[April in Review]

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