SPY (SPDRs S&P 500 ETF) via FreeStockCharts.com
$SPY Symmetrical Triangle Approaching Vertex Point, Hedge Risk (S&P 500)
8/30/2010 03:15:00 PM | via @Dvolatility |
SPY is approaching the vertex point in the symmetrical triangle. If I was long I'd hedge downside risk. Below is the weekly chart. SPY is still below the 50 week and 200 week moving average resistance levels. The MACD (momentum) indicator is below the midline (-0.98).