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Monday, February 11, 2013

Daily update 2/11

ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ.  That is just about all that happened today.  I got a great nap, LOL.  Here is the daily chart of SPX.


We ended the day with a hanging man looking candle on very light volume.  Check out this 30 minute SPY chart.


SPY has done absolutely nothing since the first 30 minutes on Friday where it broke to new bull market highs.  The volume on the last bar today was the lightest for a final bar all year.  I guess the traders in the northeast were missing in action with the blizzard. 

We have a break out of a consolidation and nobody came to the party yet.  I would think many traders will be back tomorrow so we might get a better idea of whether this break out will stick or not.  A failure could easily spark the long awaited pullback.

Chart practice has been updated with AMZN the stock for today.  If you own this stock I suggest you read it.  http://traderbob58-chart-practice.blogspot.com/

Bob

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The information in this blog is provided for educational purposes only and is not to be construed as investment advice.