Take a look at how today price action has ended the day.  Isn’t it interesting that the daily bar appears to “sit” on the wall?  Or should I say “price action” is sitting on the support?

Look at the hourly bar:

Same deal.

Let’s see if price action will take off from here tomorrow or fall off the wall like Humpty Dumpty…

On a side note, I’m now loaded up on Biotech stocks. 11 of my 14 positions are biotech related.  My current position included LRAD, AMRN, USU, SZYM, DCTH, CUR, ZIOP, ATHX, GLUU, PACB, THLD, DARA, DNDN, RPTP, and 25% cash.

Trade well!

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Let’s start with the SPY monthly chart:

Did you see how the top of the bar was touching the first wall?  Or should I say the head of the bar was banging on the wall?

Here is the SPY weekly chart:

Clearly current week bar is heading straight to the first wall.  It stops short of penetrating the wall on the close.  Close, but no cigar; at least, not today.

Now look at the SPY daily chart:

Oh, oh!  You can see clearly that price has penetrated the first wall but it has also failed to close above the wall.

Here comes the SPY hourly chart:

You could see price action was deflected from the wall.

Tomorrow will be interesting.  Will price continue upward, penetrate the first wall, and close above it by end-of-day?

Don’t forget to bring pop corn in the morning…

Trade well!

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