Thursday, September 10, 2009

Here are some interesting chart patterns and levels to watch when returning to your desk for Friday's trading session.

The XLF has a possible head and shoulders forming on the daily and is currently at the right shoulder resistance. The right shoulder needs to begin rolling over in order to confirm the pattern.

The SPY is up against major resistance around the 105.00 to 105.10. Each time over the past four months it has touched this trend line it has sold off.
The QQQQ is facing major resistance at its 200 moving average on the weekly. The first touch of this moving average back in March 2008 resulted in a big bounce and when it broke through to the downside the market sold hard.

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