3/10 Watchlist

The exchange traded fund SPY, which tracks the S&P 500, is trading at $115.14 at this moment (2:28 p.m. Eastern), exactly the level of the Jan. 14 high that ended, for the moment, a 10-month rise in the market.

The price pierced the $115.14 resistance level several times during the day, peaking at $115.28 at 11:03 a.m. Each time it drew back to and below resistance.

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The Option Trader Handbook: Strategies and Trade Adjustments (Wiley Trading)

I'm reading this book, and it is so excellent.

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At no point so far today that I can discern did $115.14 become a support level. And that's really the key to judging today's action, for $115.14 must be transformed from resistance to support for today's move to truly count as a higher high and resumption of the bull market that began in March 2009.

What SPY needed was some alchemy to change resistance lead into support gold.

3/9 Watchlist

Blue chip stocks (SPY) pushed up to within 15 cents of the Jan. 14 high, close enough that if you squint your eyes, it counts as a 100 percent retracement of the decline from $115.14 down to $104.58 on Feb. 5.

A move above $115.14 creates a new high and confirms continuation of the uptrend that began in March 2009 at $67.10.

For SPY, all skies as sunny, all rainbows bright and all technical signals are bullish, at least the ones that I follow.

The long-term Treasury bonds (TLT), by contrast, continue to soak under a chilly drizzle of the sort found only in the Pacific Northwest in a March where the promise of spring-to-come remains unkept.

IVZ psar bear signal

The global investment company Invesco (IVZ) shows a psar bear signal at the open today, and also a pps bear signal. The price today, so far, has shown a 5% decline high to low.

The macd is in bull territory but declining for a second day. Both the sto and the mfi dipped below their overbought lines, a bearish sign.