This is Why We Use Charts

SPY April 16 2013

Last night, after a moderate sell-off, some were crying that the big bull run was over and that the end was near. Happens every time.

Those of us who look at charts objectively noticed that technically, all was fine. The SPY did exactly what it was supposed to do - kiss the bottom trendline and provide a buying opportunity. I didn't change the channel lines on this chart - it's the same as it has been. The prices moved within the up-trending channel, like magic.

You have to trust your charts. It's the only objective information you get.