Definitely converging on "major" resistance @ the 74 area. I'm not playing the bull yet on it. Trying to get the sndk off my back. But if SPY can breakthrough then will at the very least be looking at the McClellan to reach overbought point. Regarding the McClellan for the various others (Spiders & Indices) available at decisionpoint, they seem to be very "accurate" at the high and low end. Various spiders and spazz market don't make it easy in between points. But with other confirming indicators and such they are all worthy of a play when they hit the marks.Thursday, March 12, 2009
Go SPYder Go!
Definitely converging on "major" resistance @ the 74 area. I'm not playing the bull yet on it. Trying to get the sndk off my back. But if SPY can breakthrough then will at the very least be looking at the McClellan to reach overbought point. Regarding the McClellan for the various others (Spiders & Indices) available at decisionpoint, they seem to be very "accurate" at the high and low end. Various spiders and spazz market don't make it easy in between points. But with other confirming indicators and such they are all worthy of a play when they hit the marks.
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2 comments:
it would be really sweet if we just kept going up fast and furious like this...i doubt that happens though but we are quickly going from overbought to oversold
i wonder if 780 area will be important again...that was the place the last rally was stopped...
i like mcClellan but the key is (at least for me) to wait for it to get to extremes to trade it...its money if you do that...its pretty tough when it is in the middle
oh also just a little note...38.2 retrace from jan 2 = 772
50% 804.5
61.8 837
800 looks like it could be money as we do have some decent resistance there
also we have decent resistance here which is why i think we perhaps get a pullback tomorrow...maybe suck in some more shorts and shake out some late to the party bulls...
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