Stock Market Technical Analysis Blog
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In the market today we had a modest sell down. Focusing on the SPY this evening, I would like to first look at the upper right corner chart above where we can see that the SPY has already given back Ben's euphoria pop and then some (pre-speech level shown with horizontal red line). Today's bottom was found at the center line of the SPY channel (shown in bottom left corner chart). Looking next at the upper left corner chart, we have a hammer candle for today implying they are going to try to hold the sell off at that center channel line. A lot of confusion in the market now, we will have to see what tomorrow brings.
Trade well my friends
Alan
