Chart Junkie: Goldman Sachs, SP 500 VWAPs, Real Estate, and First Busey

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Corey Rosenbloom, the Technical Analysis Professor, has a hawk’s eye on Goldman Sachs (NYSE:GS): “Goldman Sachs’ daily chart to note the overhead EMA resistance that is bearing down to form a potential Bearish Cradle Sell Signal.” (Source: Afraid to Trade)

Precision Capital Management submits: “We’re updating a SPY chart we posted here before, which shows VWAP anchored from various dates, including the October 2007 high, the March 2009 low, and some interim points in the rally.  This Monday featured a successful test of VWAP anchored from the July 2009 breakout and yesterday broke above VWAP anchored from the October 2009 high.  It looks like SPY wants to test long term VWAP anchored from the October 2007 high again.  If it can successfully break above to new highs, there’s likely a long way to go in this rally.  If it fails, we’ll probably see a more prolonged correction.  For an explanation of anchored VWAP and other parts of the Paul Levine MIDAS Method (along with a free TradeStation indicator), visit our website.”

David Singer takes a look at the IYR real estate ETF as correlated to the SP 500 (SPX): “Likely due to the crash in real estate prices, which had preceded the precipitous decline in equity markets, the IYR was underperforming the S&P 500 into the summer of 2008. As fall rolled around, the IYR joined the S&P 500 and pretty much all equities and commodities in a waterfall decline. Since that time however, the IYR and S&P 500 have traveled in lock step with each other. Moreover, the head and shoulders bottom pattern in the IYR is slightly clearer that the one in the S&P 500 and in my opinion validates the existence of a true head and shoulders bottom in the S&P 500 that yields a price target of 1230. Both are on the verge of breaking through trend line support, but have yet to do so.” (Source: Singer$Market)StocksFinancialGSBUSEIYRSPYSPX