The markets gapped up slightly on the open, followed by a brief period of backing and filling. Once that was done, prices advanced through a broad based rally, cruising past last week's highs. Orderly consolidation midday, before the next leg up.
SPY- Last week's broken trendline was resolved through time as opposed to price - sideways chop. Today, we established new recovery highs and therefore we have to draw in a new trendline as depicted below.
BIDU carved out a bullish flag chart pattern intraday. Full extension was reached as well as a new all time high.
Markets are quite extended in the wake of the run off of August lows, and the NDX which has been leading the advance is approaching resistance -April topping congestion zone.
Map out support/resistance levels as well as trendlines.
Housing data in pre-market and FOMC at 2:15 EST.
SPY- Last week's broken trendline was resolved through time as opposed to price - sideways chop. Today, we established new recovery highs and therefore we have to draw in a new trendline as depicted below.
BIDU carved out a bullish flag chart pattern intraday. Full extension was reached as well as a new all time high.
2 comments:
got any thoughs on the IMAX setup - 2010-09-21 10:32
Banenga,
Sorry, I missed your comment. Just seeing it now. IMAX is somewhat extended after yesterday's big move. Resistance at $17.00 on the daily.
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