cf. SPY post below
Wednesday, February 27, 2008
Market Outlook SPY for Feb 27th '08
Dominant TF: 60mins
Swings: UP-UP-DN
Market Direction: look for confirmation of a breakout on the upside, still relatively unconvincing though, so would remain flat or non directional.
SPY shot up past the strong MM resistance level, and could quite go a little higher or at least remain in the high 130s, which seem to be a very important test level going forward.
60mins: breakout attempt
SPY tested the strong MM resistance (137.50) then the 1st Fib target (138.18), but it is not quite clear what comes next.
Entropy is cooling down but remains high, and MTFS also points for prices to remain in the high 130s for now, without necessarily going higher.
Daily: testing high of trading range
Whereas one sees momentum picking up on the 60mins chart, this is still only the top of the trading range here. SPY could certainly reach 140 soon, but MTFS and Entropy are still indicative of some indecision.
Weekly: bottom?
While MTFS and Entropy remain both relatively bearish, we noticed the MTFS white line announcing a pause which actually turned to a retracement to Fib PR1 (38.2%).
These levels around 138 to 140 seem important on all 3 time frames, so we shall remain careful. Overall no indication of much optimism just yet, so caution should be exercised even if all current bars are blue and 2 out of 3 Swings are up.
Subscribe to:
Posts (Atom)
