138.19 should be the line in play here for the very short term.
That is key VST resistance which must be overcome for a day jam to develop. Buy stop market placed above there should catch any liftoff (if it comes) but keep you safe if the selling continues.
...VST action is bullish above/bearish below that number
SPY
Started by
swinger
, Jan 16 2008 09:57 AM
1 reply to this topic
#2
swinger
-
- Traders-Talk User
- 545 posts
Member
Posted 16 January 2008 - 10:58 AM
New line in play is 137.64.
...bearish below/bullish above.
Buy market stop (to cover shorts and/or to enter longs in the event of a jam) now located just above that number.
Stops have now been triggered under August lows for long term players and should bring volume. Be interesting to see if they kick the trapdoor open here and head directly for 132-133 area--or use the stop-running opportunity to buy in shorts and reverse for the first bear market rally.
