28th July 2011–Pattern Study–SPY

Ticker:

 

1. SPY

 

Topic:

 

1. A possible Head-n-Shoulder formation.

 

Lesson Learnt:

 

1. A bad drop yesterday night. Thanks to the debt ceiling issue.
2. Selling volume is kind of high yesterday night.
3. Value dropped below 20MA, 50MA and 100MA lines , but still stay above 200MA line and the long uptrend line. Not a time to be too panic yet.
4. Reduce the number of long stock if needed and watch out the response on 2nd August.

 

Intraday Chart

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Historical Chart