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.
SPY daily gives me a very bullish impression with three consecutive days sitting above MA50 and yesterday price began to popup from the Ichimoku Cloud.
The selling pressure may come from the fact that the three consecutive up days could be considered too "stretch" and also the selling may come from the profit-pocketing before long holidays.
SPY 30min shows a symmetrical broadening top is forming that reflects the indecisiveness of the market after the 125.26 achieved.
SPY 30min trading range: Supports 124.36 - 124.80, resistances 126.30 - 126.50
Trade setting for 12/23/2011
Bulls: Buy the pullback at supports and hold over weekend.
Aggressive Bears: Play the pullback for day trade only.
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Reviewing trade setting for 12/21/2011
My buying zone 122.77 - 123.20. The partial profit taking zone 124.50 -125.55. => Bought 123.00 keep it overnight. => Sold 125.00 scored 2.00.
The buy setting on pullback may be maintained for one week.
Accumulated Score from 11/23/2011: 3.90 + 2.00 = 5.90
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