Be-careful about getting to Bullish up here on the SPY at $112.00 Even though charting is not the fate of the markets, it can act as a descriptive art to bring out a visual of predictive imagination. In the beginning this might not be possible but as a trader grows he begins to understand how to correctly call potential turning points. Although I don’t use charts alone to correctly predict market turning points and correctly see the line of least resistance or overextension, I do allow them to help confirm my decision. The 100 EMA and 50 EMA crossover’s have been very consistent with correctly defining market trend. Study the chart or come into my chatroom in the morning and ask me to demonstrate.
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