Price Leading T-Line Band

Price in leading the T-Line Bands. On a weekly chart, BYD has had bearish follow through from a little Shooting Star. On the daily chart, you can see the sellers activity with lower highs on the T-Line. Yesterdays Doji ended up closing below the T-Line Band Low. At the morning briefing this morning I will show how price has broken through and tested the trend line. Price has also slipped under the volatility Stop. Currently, VXX is building support in a pullback, the chart has turned bullish. This chart is giving the clue of caution.

Hope to see everyone at the members morning briefing 9:10 EST today.

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►SPY Up Date

The SPY closed below the 50-SMA keeping the Blue Ice Failure alive. The price action of yesterday favored the sellers by closing below the previous days low, and price closed back below the upper T-Line Band. I see two chart patterns forming, on the Bull and One for the Bear. If you are a bull you are seeing the Low High, Higher Low being created, if you are a bear you see a Lower low and a failed high and a Blue Ice Failure being created. On both, we need to see follow through for direction. Weakness suggest we test below the Lower T-Line Band strength suggest we test the recent high @275.32

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