Friday, January 23, 2009

SPY 3M, Daily - This longer term chart shows a Bear Potato (Gold Spot) with a declining Trend Line and Red MACD.  These are all Bearish indicators that conflict with some of the subsequent observations.
10D, 60m. - A very weak Bull Potato has been technically confirmed on this 60m. chart.  It is so weak that it is hard to trust.  There is little direction shown other than sideways.  I think we need further confirmation on Monday to believe it is valid.
5D, 30m - Very orderly trend line to the upside.  Session started with a gap down and very weak internals which improved during the day.
2D, 15m. - Gold Spots show reversal points with equal bottom and tops on candles.
2D, 5m. - "JA" Play of the day would have resulted in a 1 1/2 point gain for a nice profit.

Usually the move from Bear to Bull or Bull to Bear Potato is more well defined in the crossover.  I am not fully comfortable calling the Bear dead as yet, although the MA did crossover (barely).  No pun intended.

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