December 2, 2010

SPY CLOUD BREAKOUT

  • SPY Four hour chart with cloud breakout and resistance levels.
  • Last time we had a major breakout in this time frame was at 113.18 level. Before the resistance level broke out price gave a breakout above the cloud.
  • We are seeing a similar breakout above the cloud. What is pending is a breakout above the resistance level which is at 122.92.
  • This rally will gain further momentum if price breakout above 122.92. Getting resisted at 122.92 will be negative.

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