SPY Charts 1.20.09

3M, Daily - Breakout to the downside from a sideway pattern.  Very weak internals.  At this point appears headed toward testing the lows.

20D, 60m.- Bull Potato failed to pass the test.  We now have a continued Bear Potato going into the ninth day. Red MACD.  Weak internals all day today.

5D, 15m- Battleground broke out to the downside.  Red MACD.  Headed lower?

2D, 15m - Is there a bottom?

"JA" has observed that there might be short term trading opportunities by using the 10-30 MA crossover combined with the coincident crossover of the fast line over the zero line in the MACD. 

Today was a perfect example of how that will work.  An entry near 84 could have produced a handsome profit.