On Thursday night in the comments, I said that SPY looked like it was in a bull-flag pattern. Here is what I was talking about (click chart to enlarge):
The Fibonacci price extension projected up to 116, but SPY hit resistance at its January 20th gap. Now look at the big red volume bar from this afternoon’s mini panic. That was a lot of selling, and may be a sign that this pattern is played out. What do you think?
Matt
You were obviously busy today. I pointed out “The Big Picture” link way early today. How many more hits did you get?
String
Kudos Matt. Nice to be noted and quoted.
Here we are getting national exposure and I’m talking about MOOs, DOOs, Humpty-Dumbties, Tres Amigos, Tres Cruzars, and Scalps-Я-Us.
Gosh, can’t take children out into public any more without being embarassed.
…just sayin’
Thanks George, String.
Google Analytics won’t update until tomorrow, but the DailyJobsUpdate.com cash register was ringing all day. That Barry is quite the rainmaker.
String,
sorry for being a duplicate but as you know i skim through comments and only check a few other blogs out there.
I used to skim over 350 articles a day now is about 150
Barry is how i found you Matt
Blogroll i believe
SPY bounced around the two top MOO resistance lines all day. The 30min chart looks like the beginnings of an ascending triangle. See what you think:
http://i43.tinypic.com/35mp28i.jpg
K,
Yes, probably the majority of my audience came from Barry. Two years ago, I saw Barry on CNBC, read his blog, and sent him my first withholding charts. He published them just as the economy was going over the cliff. So that’s how I moved up the ranks to “third tier blogger”, as The Fly would say.
Matt
George,
I just posted a triangle chart. The peak at 2:50pm came up a bit short, so I’m thinking it is a less-bullish symmetrical triangle.
Matt
Thanks Matt.