Friday, April 26, 2013

SPY April 26 2013

SPY April 26 2013

After a dramatic market recovery this week, the market took a bit of a breather on Friday. The seemingly chaotic volatility, though, held a secret logic only the market realized. As you will see in the chart below, the most important levels held like champs throughout the day. The uptrend from last week remains firmly intact.

SPY chart
SPY thirty-minute chart from April 18 lows

Monday's action should be decisive for the life of this uptrend. Next week is make-or-break in terms of reaching new highs on this surge. The ability of the market to withstand very weak economic data on the GDP and Durable Goods without folding was perhaps the most encouraging thing of all for Bulls.

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