So far this year, and the past two years the Spooz high is 1277, today we flirted with breaking 1265.50 downside but we were caught by all those buyers buying the the bottom of the band and selling the top of the band. How long does said strategy work when everyone trading employs the same strategy? Who knows. 1273.75 was the high today... tomorrow this will be the upside line int he sand.
The chart above is a 1 hour chart showing declining volume into the holiday's and the santa rally. Notice
the moderate volume pick up as we moved to new highs into 2011, we are trending and slowly reaching the apex of a large ascending triangle which should break out to the 1280 level sometime soon. IF currency markets make their move.....
enjoy the snow.