Swing Day Setup Wed 9-30-09

SPY Swing Day Setup

whenever the last trading day opens higher than previous day and closes at the low, we call that a swing trade setup . Most of the time they play out the next day as a sell day.

This also lines up with the 60 min Spy chart ABC wave structure,

And The Transportation Index down day setup. with the Weighted Moving Average and the Volume Weighted Moving Average Crossover along with the DMI all pointed down.

This is all happening all at the top of the long term Bearish Rising Wedge.

My plan today is to sell the Spy at 106.35 -50 and exit at or below 105.00 down to an extreme of102.50