Friday, July 09, 2010 12:24:51 PM
SPY daily ema and interaction on the 1 minute:
Last night I failed to notice the daily timescale chart on SPY when I posted. This morning after noticing we are right at the daily EMA21 (blue line on daily), it became clear that it was acting as oscillation point during pre-market and into open, and also already acted as a bounce point intraday. Below is the SPY daily showing the blue line ema21 @ 107.09 approximately. Below that is the SPY 1 minute showing how the approximate position of the daily ema21 interacts with price action on the intraday timescale:
spy daily:
spy 1 minute candles showing position of ema21 from the daily chart, oscillation around that point into the open, and a bounce off it already once intraday:
basically close above the 107.09 area and next week we should see the 108.30 area discussed last night, linkback
Last night I failed to notice the daily timescale chart on SPY when I posted. This morning after noticing we are right at the daily EMA21 (blue line on daily), it became clear that it was acting as oscillation point during pre-market and into open, and also already acted as a bounce point intraday. Below is the SPY daily showing the blue line ema21 @ 107.09 approximately. Below that is the SPY 1 minute showing how the approximate position of the daily ema21 interacts with price action on the intraday timescale:
spy daily:
spy 1 minute candles showing position of ema21 from the daily chart, oscillation around that point into the open, and a bounce off it already once intraday:
basically close above the 107.09 area and next week we should see the 108.30 area discussed last night, linkback
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