12th Oct 2011–Pattern Study–How much further can it go?!

Ticker:

 

1. SPY, DJIA and NASDAQ

 

Topic:

 

1. Retest the resistance line again.

 

Lesson Learnt:

 

1. All the indexes have at least did a double bottom and bounce back and are now testing the MA and resistance line again.
2. We have been in rang-bound market for > 2 months.
3. I don’t expect the indexes rally much from here, the most is to its weekly 50MA line.

 

Intraday Chart

-NA-

Historical Chart