Deja vu?
The beginning of the end, or the end of correction?
I was scouring for past charts where SPY/ES behaved similar to what we are seeing now, and here's the closest match that I came up with:
SPY around Feb/07:
http://bit.ly/a029Sh
SPY today:
commonalities of current SPY with feb/07:
- 6months run-up prior
- broke below 50d MA/EMA but stayed above 200SMA during the correction
- initial move, followed by a few days of retrace that stayed below 50dMA
- high volume hammer reversal
I recognize that I am building up a bullish bias here, which is why I seek some more objective feedback and comments from all......
I was scouring for past charts where SPY/ES behaved similar to what we are seeing now, and here's the closest match that I came up with:
SPY around Feb/07:
http://bit.ly/a029Sh
SPY today:
commonalities of current SPY with feb/07:
- 6months run-up prior
- broke below 50d MA/EMA but stayed above 200SMA during the correction
- initial move, followed by a few days of retrace that stayed below 50dMA
- high volume hammer reversal
I recognize that I am building up a bullish bias here, which is why I seek some more objective feedback and comments from all......
and i thought i was the only bull out there. only time will tell.
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