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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
  • ETF SPY: World Events Still Troubling Markets 0 comments
    May 14, 2012 8:04 AM | about stocks: SPA

    SPY Trade Analysis

    RSI- the SPY has continued to move down and the RSI confirms that it is in the beginning of a bearish move. We have yet to see any signs of a turn around and this week does not look like it is showing us any signs other than bearish continuation patterns.(click to enlarge)

    Bollinger Bands- the SPY is trading at the bottom of the bands and one of two things can happen now. It can bounce off and move up in a peak & valley as it moves down or it can slide down the bands in a steeper descent. This week should show us.

    MACD- the latest bottom on the MACD Histogram is showing early signs of a positive divergence. This doe snot mean bullish territory now. It could simply mean a short term move up soon for the peak & valley formation we talked about in the Bollinger Bands. We have yet to see a turn up for the week.

    Current Events

    Stock index futures fell sharply on Monday, tracking global equity markets lower as a political impasse in Greece heightened concerns about Europe's debt crisis and fears mounted about an economic slowdown in China.

    Greece political landscape has been in disarray for a week since an inconclusive election left parliament divided between supporters and opponents of the 130 billion euro ($168.3 billion) EU/IMF bailout, with neither side able to form a government.

    Concerns about a slowdown in China have been troubling investors for several months. The decision of the world's second-largest economy on Saturday to cut the amount of cash banks must hold as reserves, normally seen as a pro-growth move, suggested the country may be facing more significant headwinds.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: SPA
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