Stock Market Technical Analysis July 2010 Outlook
www.guerillastocktrading.com Through this July 4th extended weekend, I’m going to update you on the SPDR S&P 500 ETF (SPY). Looking at the weekly chart on SPY you are able to grasp that in the previous week we hit the neckline and officially created a bearish Head and Shoulders top. I alerted you to this pattern a few weeks ago, and we’ve been dependably watching it ever since. If you stay up on my live Twitter and Facebook updates then you knew precisely when the neckline was broke last week and the short stock I purchased. In the episode I illustrate a blue trend line for the neckline on the weekly chart so that you can see how it was broke. This breakdown was a demoralizing loss for bulls and a enormous win for bears. The volume is performing a classic stairs pattern as selling has increased into the testing and fracture of the neckline. I debated with a stock analyst last week who expressed that we should pay little attention to the breach of the neckline since it took place on lower volume. That low volume, he said, meant that SPY was not going to fall any lower. He was wide of the mark and I was right. Learn from his error. Price movement trumps volume every time. Volume is often a lagging indicator.
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Video Rating: 4 / 5
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July 31st, 2010 at 6:19 am
Very interesting. I haven’t seen this information anywhere else.
July 31st, 2010 at 6:41 am
@bamatecangel7 The TeaParty is just a bunch of pissed off right wingers still upset they lost in November..led by Chuck Norris and Glenn Beck and hyped by Fox News. TeaParty goers are stupid because 1-They believe President Obama is following exact same path Hitler did to take over Nazi Germany, 2-Obama and liberals are out to kill off old people, disabled, and have taken over 50% of the nation’s economy, 3-Health Care Bill passed by Democrats is a socialist takeover of the healthcare system
July 31st, 2010 at 7:17 am
Nice work. Now join a TeaParty group of your choice and come over the side of the Light.
July 31st, 2010 at 7:19 am
Very interesting. I haven’t seen this information anywhere else.
July 31st, 2010 at 7:32 am
@bamatecangel7 The TeaParty is just a bunch of pissed off right wingers still upset they lost in November..led by Chuck Norris and Glenn Beck and hyped by Fox News. TeaParty goers are stupid because 1-They believe President Obama is following exact same path Hitler did to take over Nazi Germany, 2-Obama and liberals are out to kill off old people, disabled, and have taken over 50% of the nation’s economy, 3-Health Care Bill passed by Democrats is a socialist takeover of the healthcare system
July 31st, 2010 at 7:57 am
Nice work. Now join a TeaParty group of your choice and come over the side of the Light.