September 4, 2011
- Moving average in Month, Week and Daily time frames are aligned bearishly.
- Last chart is the four hour time frame. Price is approaching the support line of a bearish Flag like pattern.
- Breaking the support line of this pattern will continue the fall which started last month.
- In the short to medium term bulls will face resistance in the form of 50 and 200 Day moving average. Price staying below 50 Day sma will keep the effects of death cross intact.
- So for now a sell at higher levels looks a safe option.
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- SPY INDICATORS AND VOLUME ANALYSIS
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