October 9, 2010

SPY Weekend update

DAILY CHART
  • SPY daily chart is showing negative divergence with the hlep of the RSI indicator.
  • But unless the price confirms, the negative divergence can last for weeks without giving any results 
  • 117.60 levels seems to be a resistance area as 78.6% Fib level also lies here. So one can see a  move towards 117.60 levels next week and a pause there to decide the next direction.
  • EURUSD: TREND IS YOUR FRIEND

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