6.3.12 - SPY 1 Year Daily
Price Action is at the lower support levels of the Regression Channel, however, the SPY is below the 89 Day Moving Average and the 20 Day MA is under the 89. These indicators suggest a bearish tone to the market. On Balance Volume is in decline which is bearish.
6.3.12 SPY 20 Day, One Hour Chart
The 20 Day trend is down. MACD is in the Red. OBV is in decline. While the market is near support in the Regression Channel, there are lots of signs of weakness.
6.3.12 SPY - 20 Day, Hourly, Bollinger Bands
Bollinger Bands demonstrate expanding and contracting Volatility. Option prices increase as Volatility increases and decrease when BBs contract. This chart show expanding BBs suggesting indicating that Volatility is increasing leading to a presumption that the move to the downside could accelerate.
All of this is speculation on my part and written mostly in order to keep a journal of my thoughts on the market as we move along in time.
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