September 26, 2010

  • Two charts SPY Fibonacci levels and the main levels for next week shown in the second chart.
  • SPY is trading above its 61.8% fib level which is positive and next week if continues to trade above 61.8% level chances of 100% retrace level will increase.
  • Main level to watch for next week is 114 and 115. Trading above 115 SPY will target 117. Trading below 114 will be negative and will be followed by a correction or a sideways move.


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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore