$SPY at Apex Point in Symmetrical Triangle (Weekly Chart) 9/14/2010
9/15/2010 01:17:00 AM
*$SPY (S&P 500 ETF) symmetrical triangle inflection point alert on the weekly chart. Omfg. Directional judgment day is near for $SPY. The downtrend line from 2007 is closing in on the uptrend line from 2009, near the apex point (where the trends cross). Watch for a strong catalyst that breaks a trend. All I can say is, hedge accordingly.
$SPY price position:
> 50 Week Moving Average
< 200 Week Moving Average
< January 2010 High (potential left shoulder)