The SPY is still having a tough time navigating the rough seas around the $280.00 - $282.00 area. The reason may be the bears are trying to build a right shoulder to go along with the head and left shoulder (Weekly Chart). While the possible right should is in construction, we will see price action chop around, and this will test the best of traders. Having a handle on the trend and price action within the trend is a huge advantage for the active swing trader. Yesterday’s price action closed above the T-Line, and the T-Line is tracking above the 17ema and the 34ema, other than yesterday’s candle controlled by the sellers the current trend is still bullish. The price action and the health of the current trend will determine the outcome of the possible right shoulder. Tools of a good swing trader might include a strong understanding of chart patterns, trends and trend lines, support and resistance and the all-important price action.
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