Luna $ Ticks

August 28, 2008

Uptrend in Full Swing Mode

Filed under: Trading SPX SPY — moontrader @ 3:29 pm

The title says it all. It seems that the scenario of a short term rally for the next couple of trading sessions – or, at least, until September 2nd – is absolutely valid.

SPY closed well above the 3 DMA’s, while MACD and Stochastics not only are in positive territory, but they’re also giving buy signals. SPY also broke the dotted trendline, pierced through last Friday’s roof. VIX fell a bit but it’s not yet in the range between 18.63 and 17.56. Volume today was incredibly low, but this whole week has been such due to vacations, so it’s useless to take that into consideration for now.

Just to remind you of the criteria I’m using to consider the uptrend:

  • SPY closing above Daily DMA 25×5
  • Daily MACD in positive territory

Caution if one of these two criteria is negated. In case both are negated, there’s a good chance the trend has turned down. I would also like to remind you that SPY 132.55 is an important resistance, and the way prices react around that level will tell us a lot about the trend.


1 Comment »

  1. Up move is lacking in volume unless the down channel starting in OCT 2007 is pierced, why sweat it?

    Comment by Thomas Shawn — August 28, 2008 @ 6:16 pm | Reply

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