Replies to post #479 on Chart Ideas

[rimshot]

updated SPY daily with Art Hill's selected TRIX settings

* the updates are Horizontal values I have added since late November

* $123.22 marks the top of the unfilled gap

* the SPY 20-day sma and the 200-day ema are flat and convergent, so I expect the move which follows the current consolidation price activity off the late November V-bottom will likely be a powerful directional move ...

* be alert that many traders do not understand the meaning of consolidation activity and become bulled or beared up too early while price is consolidating and forming a proper sustainable base

Note - during late 2011, SPX consolidated within a general daily close range of $1120 to $1220, and recently is attempting basing activity above $1220 SO be very vigilant if this basing above the SPX $1220 level can continue for many days and weeks in the future

* $125.50 marked with the green horizontal line is an important inflection price level based on 2011 price activity

(Note - SPY weekly chart, SPX daily and NYA monthly charts follow the daily in this post)



SPY weekly closes -



SPX daily -

* SPX $1225.89 = the value of the 20-day sma as of December 8, 2011 close

* SPX 20-day sma and the 89-day ema are convergent...another clue the price action is consolidating for a later powerful directional move



* NYA monthly -

* NYA $7311 shown with a Pink dashed line is the minor horizontal support which must hold for future daily and weekly closes, to preserve the near-term bullish case