Replies to post #57534 on SPDR S&P 500 (SPY)

[learningboutinv]

Gleno, I don't see a bear flag on the 60min. May be a bear flag on the 5min. Anyhow...

Bull flag:

"A Flag (Bullish) follows a steep, or nearly vertical rise in price, and consists of two parallel trendlines that form a rectangular flag shape. The Flag can be horizontal (as though the wind is blowing it), however it often has a slight downtrend.

The vertical uptrend, that precedes a Flag, may occur because of buyers' reactions to a favorable company earnings announcement, or a new product launch. The sharp price increase is sometimes referred to as the "flagpole" or "mast"."



http://www.trending123.com/Chart-Pattern-Scan-Stocks/Technical-Analysis-Trading-Bull-Flags.htm