"Told Ya So!"
SPY 30 Day - 5.26.11 - Check the MACD as it confirms the Reversals. For the past couple of days the Sideways Consolidation has been recognized as a place from which a Breakout would occur. Direction was not foreseen, but the Breakout was anticipated. Today it happened to the Upside. In addition the 50 Day Moving Average was traversed to the upside so it now becomes resistance, A new swing to the upside is anticipated from here based on Technical patterns.
SPY 10 Day, Hourly - 5.26.11 - Breakout from a Sideways Channel Consolidation Pattern of the last 4 Days. Moving Average Crossover suggests a new Movement to the Upside that could Sustain over a Day or Two (more is always possible). Trend Channel remains to the Downside but short term the Price Action is Up.
.jpg){kind=small}
