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John Mylant
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Residing in Colorado Springs, Colorado. Has been trading and coaching using a self-developed option trading system for 10 years. Philosophically conservative, accurately trades weekly options with a strong risk management approach. Well sought after by investors around the world, he teaches a... More
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SPY Technical Analysis
  • SPY: Losing Steam, can It Regain Today? 0 comments
    Sep 28, 2011 8:00 AM | about stocks: SPA
    Analysis for short term option trading!
    Technically Speaking-
    Direction- the SPY is moving bullishly but we believe it is short term.
    Bollinger Bands- the ETF SPY quickly jumped through the top of the upper band yesterday morning. Now we will have filled the gap that formed last week and this leaves us wondering where we will go now. The last couple hours gave us a sell off and profit taking on the quick rise and it looks like this could bring us back down. This spike up could be nothing more than trading within the zone it has been in short term.
    RSI- the SPY shot straight up and uniquely stayed around the ‘70’ mark but it seems just below what we would call over bought. It seemed to flat line and then move down at the end of the day. This gives us the possible idea that 119.35 was a very strong resistance area.
    MACD- the ETF SPY peaked early according to the MACD Histogram.  Even though it continue to move up the Histogram started to move down so this supports the weakening that started to develop and manifest the last hours of the trading day. The MACD looks like it is just turning down even with the steep drop we saw. This gives us an indication that we are not yet ready to continue up.
    Chart- the SPY gapped way up, but we had last week’s gap already filled it appears. This may mean that we are now looking a bearish journey to fill the gap that was just created. If this is true, look for a bearish day coming up.

    John Mylant is CEO of He is in high demand as an Investment Trainer. Coaching traders all over the world how to grow their portfolio, he uses Option Strategies that are safe, conservative, and allows for quick steady growth with limited liability. Interested in successfully growing your portfolio using options—safely, efficiently, and quickly? Trade Weekly Options now....
    Stocks: SPA
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