« Active Traders: 5-min SPY Chart Trends (8/08/08) »

Opened with a small downward gap but quickly reversed, filled the gap and has gone on to test the support level of the rectangle that showed up during yesterday's trading. Intraday support levels lie at 127.00 and ~126.50. Then there is the 20dMA at ~126.00.

Resistances at 128.40, 128.50, 128.85, 129.15 and 129.30.

Update on Friday, August 8, 2008 at 10:19AM by Asher Pinto

So, why did SPY bounce strongly this morning?

You can thank the *flat* lower Bollinger Band on the hourly chart.

Update on Friday, August 8, 2008 at 10:29AM by Asher Pinto

And just like that... nearly back to the highs.

Update on Friday, August 8, 2008 at 11:58AM by Asher Pinto

Stuck within a small rectangle for the past hour and a half. Notice that the old mnor resistance level is bang in the middle of that area.

Update on Friday, August 8, 2008 at 01:11PM by Asher Pinto

Yesterday's opening gap has been filled.

Update on Friday, August 8, 2008 at 01:51PM by Asher Pinto

New highs on the minor trend. A 3-pt reversal from the lows. Amazing.

Crazy volatility the past couple of days!!

Update on Friday, August 8, 2008 at 03:23PM by Asher Pinto

Intraday rising trendline broken.

Update on Friday, August 8, 2008 at 03:53PM by Asher Pinto

The breach of the intraday trendline was temporary. Prices have moved back above it and on to a slightly higher high.