March 21, 2011

SPY Resistance levels

  • SPY May do a classic Retest of the 50 day moving average and then start to fall.
  • When important moving averages are broken price often retest them before falling deeper.
  • Other resistances for spy are the 50% and 61.8% Fib levels in daily chart.
  • So bigger up moves will be possible only if price makes a breakout above these levels on closing basis.
  • APPLE WEEKEND UPDATE

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