Tuesday, July 07, 2009

Head and shoulders on SPY?

SPY forming a small head-and-shoulders formation (3 month chart). If the neckline is broken, the downside target is SPY 80.

BA broke round number chart support at 40. At this point, 37.5 looks likely. I've also been looking at some railroad stocks, BNI, CSX, and they have been acting poorly. XME, XLE, UNG are also of interest. Earnings will tend to dominate the news during the next few weeks.

Long TM

No comments: