SPY

I'm posting this particular chart for those of you that trade or would like to trade ETF's (exchange traded funds). As a technical analyst, this is a very telling pattern. Look at how the 5-21 candle (line on chart pointing to candle) opened low (did not create a new low) but closed very close to the day's high. This represents a a very strong reversal pattern which means that we should get a rally to 117 to 118. Remember when there are violent moves to the down side, the moves to the upside can be very violent as well. A consolidation at this price level will be good and then a breakout should provide a setup for a profitable trade. I will trade very light and cautiously up to resisitance... Hope it helps