Bulls clearly have taken the control and may ambitiously advance to 129.42-130.16

SPY daily showed the four consecutive days in green and staying above the MA50. Last Friday the price got through and closed above the conjugation of the MA200 and the Bearish resistance line 7/7/11-7/21/11 and had been advancing almost without considerable pullback intraday. Witnessing a numbers of technical indicators have gotten bullish crossover last three days, I expect the ETF will hold the bullish momentum and be traded in range of 127.26-130.16 for the last week of the year.

SPY 30min trading range (125.68 - 126.00) - (126.71 - 127.16).

Trade setting for 12/27/2011
Except Europe markets drop more than 1.20%, any weakness (better than -1.20%) of SPY will be a chance to buy for long the week maybe until 130.16.
Reviewing Trade setting for 12/23/2011
Bulls: Buy the pullback at supports and hold over weekend. => My sense told me the supports might be not reachable. Then I bought at 125.50-125.60 and kept partly over holidays.
Aggressive Bears: Play the pullback for day trade only.

11:29 AM update
Lucky. I did buy the low of the day.
SPY 5min looks breaking out the Ascending Triangle. I think next target may be 126.05 - 126.15.

No comments: