Do you remember our Friday discussions during the past few weeks about the
SPY?
The discussions were about how the SPY had a "gap sensitive" level at 109.68.
In fact, the SPY has had over 8 gap occurrences at the 109.68 level
since November 2009.
Yesterday, the SPY closed at 110.29 on a high down volume, last minute tick.
So, yesterday's 110.29 close will be subject to a gap down possibility ...
below the 109.68 level at the open this morning.
But, this is not your typical SPY level, because higher than normal intra-day
volatility is typically seen at the 109.68 level.
So today could be another one of those unusually high volatility, whipsawing
days.
Marty Chenard is an Advanced Stock Market Technical Analyst that has developed
his own proprietary analytical tools and stock market models. As a result,
he was out of the market two weeks before the 1987 Crash in the most recent
Bear Market he faxed his Members in March 2000 telling them all to SELL. He
is an advanced technical analyst and not an investment advisor, nor a securities
broker.
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