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Friday, February 22, 2013

Daily update 2/22

Low volume bounce back.  Here is the daily SPX chart.

The drop in volume is quite noticeable.  It is even more obvious in the daily SPY chart.  The price bar is still red.  It did close back above the 18 SMA though.  Will it stay there next week?  Lets zoom in to the SPY 195 minute chart.

SPY climbed back up to the lower trend line of the long trend channel.  Is this a kiss good buy or will it reclaim the channel next week?  The light volume is obvious on this chart.  One more interesting thing is the new highs/lows chart.

This was a pretty good up day, but we only had 110 new highs.  That is less then on the 2/4 big down day.  It is also way less then the 250 or more we had on most big up days. 

Today had no conviction in the volume or the number of new highs.  I suspect the bears will show up again next week.  If SPY closes back inside the trend channel shown on the 195 minute chart it would be hard to argue with the bulls though. 

Chart practice has been updated with EOG the stock for today.

Have a great weekend all,

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