Chart Analysis: For those who are fans of the 1970’s classic “Smokey and the Bandit” film, one can make comparisons from the plot to our current markets. 2013’S daily price action on the S&P 500 has essentially been on a high speed chase to its record breaking 1700 print. In only 63 short days, the S&P has climbed from its record 1600 print to 1700 and has gained 300 points since January! Today’s NinjaTrader Chart of the Day powered by the unfiltered, professional market data from Kinetick takes a look at the SP500 index ($SPY) from the 2012 open to the present.
A signature feature of NinjaTrader’s award winning charts is the ability to apply multiple timeframes to a single chart canvas. In this chart, we can visually represent the road to 1700 with daily price action candlesticks, weekly prices with shaded light green and light red boxes and monthly data with transparent boxes outlined in green for up months and red for down months. The sea of green up days, weeks and months has made the bulls as happy as Big Enos Burdette at his Southern Classic. Now that we have reached another milestone in the markets, do you continue to play the markets in hot pursuit or with a little lighter leadfoot? My recommendation is to learn more and get as much education as you can with free daily events including MrTopStep’s elite in our NinjaTrader free daily webinars.