Friday, February 3, 2012

SPY Divergence

Strong NFP report this morning got me thinking that my pullback outlook on SPY could be flawed. But just as I look at daily chart I return back to my original thought - it is way too overbought, divergence of price with volume and momentum is continuing, and laminate resistance of July 2011 high, upper bollinger band, and -23.6% fib is looming. I just can't go long here...

click on chart to enlarge

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