- SPY hour chart is breaking all crucial levels in favor of bears.
- Price has broken both 50 hour and 200 hour moving average.
- Bears will be in total control if price remains below 200 hour moving average.
- Fib levels shows price near 61.8% level Break below this level will fill the gap near 128 levels.
February 23, 2011
- Nifty weekly chart shown with the trend line which can give support for the index in case of a correction. Breaking the trend line will favor the bears.
- An inverted head and shoulders possibility was shown on monday. Now bears are also putting together a good continuation pattern. If price breaks below 5400 it may confirm a bear flag breakdown which can extend gains for bears.
- So this one can go either way, lets watch the levels 5400 and 5635
- S&P 500 DAILY CHART ANALYSIS
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