Fear of Recession Heats Up

From Open to close yesterday the SPY had a $4.10 day, not bad at all. Now the buyers need to keep their bulls focused in the right direction. With the fear of rescission heating up, the bulls will likely catch a little wind that smells like fear. At some point, enough fear will cause selling in the market. MKE being down and the BA troubles will weigh on the DOW today. (Caution). The buyers produced a nice Bullish Engulf on the SPY chart closing at $284.73; A Bullish Engulf is just one gear in the machine. Now the buyers need to show they have what it takes to drive the price action higher. So far our Red Green Trend is working, the question is will the buyers be able to push the 50SMA over the 200SMA?

Yesterday (Thursday) was a nice profitable day, and I suspect today will be the same because we typically take profits of Fridays and lighten up going into the weekend.

This past week the LTA scanner proved it's value to traders helping with producing and capture profits from charts like AMD, NVDA, HD, T, XOP, AAPL, MRVL, TIF, ORCL, TGT and so many more.

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