SPY hourly range broken (finally!) and new resistance formed

The daily SPY chart has important price and volume levels that I will comment on later.

These hourly SPY charts do not say when and how the SPY will attack its lows.

These charts say two things: the lower band of the "consolidation from hell" (hat tip NAV) is now formidable resistance, and the high volume hourly low is now open for attack.

did you happen to notice the volume on the 30 min chart when the hammer formed off of spx 808? LOL! (p.s. yep: it's gonna work alright.)

Excellent piece of technical analysis, uno. Thanks for your efforts.

I agree it will take more on balance volume to break and hold resistance, I don't think it has to happen all in one bar since so much time is in between. I haven't studied this method though, so I don't know for sure.

This in very interesting analysis and we can learn from it.

But watch out for the Obama-grams next week!!!

We are now in a Series of Fib mated turn dates that will last to the 18th of Feb 2008. This is period of confusion from my work.

The chop in volume suggests in my work that we are at an important point of departure for the next two months, but I have no indication of direction.

Hope your shorts are rewarded, but if the news of a mortgage rescue program comes out next week watch out for another fake out.

Islander.