This week on The Men Who Stare at Charts I crack myself up. That is because this man who stares at charts stared at the chart of SPY this morning and noted…
SPY is hammering above the SMA 200, which of course everyone sees. In fact, the Men Who Stare At Charts are advising their herds of it at this very moment.
And wouldn’t you know it, here come the men who stare at charts as presented by Markets Insider…
Traders are glued to a key level on the charts
Not watching with professional interest, mind you. Glued… they are glued to their charts!
And what key level are they glued to?
Traders are paying close attention to [staring at] key technical levels, and right now the 200-day moving average is in focus.
And they even have a photo of a man… staring at charts!
The article actually closes with a guy who’s got his feet firmly planted and is not really staring but instead, taking the proper approach. The wording is a little weird, but we get his point.
“I will start paying attention when the S&P hits its 200 day moving average,” Brad McMillan, chief investment officer for Commonwealth Financial Network, said in a note sent out to clients on Wednesday. “I won’t worry then, just start paying attention. Until then, this is very likely admitted loud noise.”
The market is either going to bounce or fail. I’d better get back to staring at SPY’s SMA 200! :-)
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