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SPDR S&P 500 ETF Message Board

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  • xtgeminiman@ymail.com xtgeminiman May 29, 2012 1:29 PM Flag

    Could be a Blow-off Top if You're Swing Trading

    I don't really follow CMG. It's a low-volume stock that can be easily manipulated. 420 looks like resistance and 400 +/- 2 looks like support.

    I am sitting on cash for a few days. IWM hit my key resistance level today even though SPX was short. IWM could go back up and double test while SPX goes higher than today but I think the two are diverging. 20 day, late Jan resistance and 38.2% fib retracement are all around 1341-1343.

    You can correlate SPX with SPY. I was tracking SPX to see the distribution days that marked the top (see the circles with huge volume).

    http://www.freestockcharts.com?emailChartID=3be1a592-bf18-433a-9c27-2d23d1c9ba39

 
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