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| SPY Pennant Break |
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Thursday, November 17, 2011
Market Breakdown
Today was that day. We were looking at the market consolidating and forming a pennant. As it breaks down today, look for a decline of potentially $6. There is some support near $120. However, if the full distance of the pennant plays out the market could see $118. Regardless, with today's high volume, a pull back in the market followed by continued horizontal activity is likely.
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1 comments:
Very informative. I'll be looking at the market to follow its movement either down or sideways.
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