Summary:
Symmetrical Triangle is formed, wait for the breakout.
| Trend | Momentum | Comments - Sample for using the trend table. | |
| Long-term | Down | Idea for trading intermediate-term under primary down trend. | |
| Intermediate | Up | Neutral | |
| Short-term | Up | Neutral |
Nothing to say today, the consolidation continues, the direction is unknown. From my experiences, a consolidation on the high end of an uptrend is more likely to result on the upside. But for me, even it eventually does breakout on the upside, I might not chase high here. Tomorrow, no idea, a little bit speculation here though: 06/10/2009 After Bell Quick Summary.
1.0.2 S&P 500 SPDRs (SPY 60 min), could be a Symmetrical Triangle in the forming, which according to Bulkowski, the chart pattern expert, has 54% chances of breakout on the upside. Well, 54% is no better than a random number, so still no clue about the direction...
3.4.1 United States Oil Fund, LP (USO Daily), reaches an important resistance, plus 3.4.2 United States Oil Fund, LP (USO 30 min) has lots of negative divergences, so could pullback tomorrow.
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