SPY Breakout Potential
11:50 UTC 09 Sep 2009 
3 Comments
The SPY (S&P 500) plowed through the potential head and shoulders pattern that we talked about last week and is now poised to break out of its YTD high of $104.35 As you have probably noticed the NHF sidebar portfolio has been long S&P since Aug 24th after we had the downside head fake during the Aug 17th week.
It’s obvious that the market seems rather shaky up here and it will be extremely important to keep a tight watch. The first chart also shows the distribution day that happened on September 1st and the high relative volume.
Below (on the full post )are a couple charts showing this setup.
2 Month Daily chart of SPY with 50 day MA
10 Day 60 Minute chart of SPY with 50 day MA trendline
I can’t help but think that the volume pattern on the first chart around the distribution day looks like a middle finger for a reason.
Thats funny I was thinking the same thing when the charts were being put together.
Maybe it did the same thing before the major rollover back in 2007.. will have to take a gander
Good Stuff! today was money