This weeks range (April 01, 2009)

Despite the late selling in the SPY later in the day, note the thick band of support between 76.09 - 76.98. Only by breaking this does the SPY head lower to retest the lows.

Right now we are still within a trading range of 78.85 - 81, I hope in the coming days...the price pattern will not map out into a boring symmetrical triangle.

If the market did wanna make an impression to retest the lows watch out for a potential head and shoulders forming. Be warned not to trust any price patterns in this sort of market, hey....price patterns could be engineered....you need to accept the fact.

How many times have you been caught when the market rallies instead when you think a head and shoulders pattern is a reversal pattern...? So let trade the price action instead and stop wasting your time watching out for price patterns!