By InTheMoneyStocks.com on March 31st, 2010 12:06pm Eastern Time
The SPDR S&P 500 ETF (NYSE:SPY) key levels work so well, it almost seems like a dream. Note the gap down on the SPY at the blue trend line which is support. This line happens to be the low from not only yesterday, but the day before as well. It does not take a genius to scalp that level to the long side. Sure enough, a large pop occurs on the first candle of the day. ITMS traders take profits. The markets sell, dropping sharply to the downside all the way to Chief Market Strategist Gareth Soloway's master trend line and gap fill at $116.65. Longs are taken again and the profits roll in. The markets soar all the way into the slanted yellow trend line which played a key role in keeping the markets up yesterday. At this point, profits taken and the markets can be shorted for a pullback. Sure enough, the markets pullback right into the blue trend line. Bamm! Another profit. Then the markets rip higher again, into gap fill, the green trend line. This just happened and traders are already in the money on that short. Knowing the levels on the charts means profits and winners. Simple as that. Learn it, Live it, Profit!
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