SPDR S&P 500 ETF TRUSTPanjang
S&P still respecting the 2009 resistance trend line
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Update on my previous post. The S&P is still fighting with the resistance setup from 2009. Big pump at the end of today still did not change that. My guess, the big boys trying to suck in as much money as possible to try and pump S&P above this resistance. A 2-3% pump in something like 30 minutes was not driven by retail investors. Question is will retail jump in to get a breakout or will the big boys dump it by the end of the week? The setup looks pretty bullish to me, but need some kind of breakout to really make me choose to go more in or not.
2h
1W
2h
1W
Nota
Thursday 10amNota
Noon and sitting right on the trend lineNota
End trading on Thursday and it was clearly rejected from the trend line. Let's see what tomorrow brings.Nota
Maybe a bearish rising wedge forming?Nota
Friday 10:15am and S&P gapped right down out of the rising wedgeNota
Thursday Dec 23 and still respecting the line.
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