SPY - Shooting Star
The indexes have had a great run up today with the political news regarding the financial cliff. The S&P 500 opened the day creating a large gap.
At mid-day, the candlestick for today looks like a shooting star with a negative body. This is normally a bearish signal. Another interesting technical indicator is that the high for today tagged the green resistance line formed by connecting previous highs.
I will go short on the S&P, SPXU, late in the day if the shooting star stays in place betting we will have a pull back. This is a risky move as compared to being in cash now and decide on a move after the market opens tomorrow.
At mid-day, the candlestick for today looks like a shooting star with a negative body. This is normally a bearish signal. Another interesting technical indicator is that the high for today tagged the green resistance line formed by connecting previous highs.
I will go short on the S&P, SPXU, late in the day if the shooting star stays in place betting we will have a pull back. This is a risky move as compared to being in cash now and decide on a move after the market opens tomorrow.
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