Breakouts are Something to Smile About!
SPY 3 Mo. Daily - 12.3.10 - Breakout to New High on the SPY. The Trend is UP. The 20/50/200 Moving Averages are all trending upward. The On Balance Volume is Trending Upward. Prior Overhead Resistance has been Broken. The Move Should be UP.
SPY 2 Day - 12.3.10 - Volume Profile shows a New Action Zone has formed beginning late Friday. The "Action Zone" as of Sunday night is highlighted by AZS (Support), AZR (Resistance), and AZP (Pivot). This is a dynamic zone in which the price action is currently active. The Heavy Lines are the Person Pivots which are mathematic calculations based on past performance. On Balance Volume shown on the lower chart is trending to the upside. Price Action is above the 20 Day Moving Average (Yellow Line). All indications suggest continued momentum to the upside. Having said that, pull backs or corrections are quite possible and even probable. The market does not move in a straight line.
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