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SPY Possible Bullish Pattern

Posted by Investing Freak on February 28, 2009
Market Analysis / Comments Off on SPY Possible Bullish Pattern

While this past week has been tough on many investors, I have made my fair share of profits trading SKF intraday.
You can check out my covestor page  and see my YTD performance to see how much more disciplined I have become in 2009.

Looking at the SPY 1minute charts, there seems to be a possible Bullish Three Drives Pattern developing.
Using Fibonacci retracements I created the chart below.  Basically when SPY hits 73.39 area there is a strong case for a rally to kick-start. I do not know how strong the rally will be but you might not want to short on Monday.

Here is the SPY 1 minute chart (Click to Enlarge)

spy-bullish-1min-feb272009

As Always, Feel free to add anything on this topic or ask any questions you might have.
-K

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