December 20, 2010

SPY Hour chart analysis

  • The resistance line is violated and price has given an up move. But Hour chart has one more Resistance level to cross at 125.23. Getting resisted here will be negative and a retest of the cloud may happen.
  • SPY Hour chart is trading close to support and resistance lines.
  • Price is trading inside the hour cloud.
  • Breaking below the cloud can change the trend in hour time frame completely.
  • While breaking above the resistance line will resume the up trend.

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