October 10, 2011
- 119.56 is the immediate resistance level for SPY.
- Price is showing good upward momentum. If price is able to sustain above 119.56 it may move towards 121 levels.
- Hourly indicators are overbought readings which may lead to some correction. For bulls correction should be limited to 117 levels. Price falling below 117 will favor bears for an extended fall.
- ES is in a neutral area with both bullish and bearish possibilities from here.
- Overbought indicators and 50 Day SMA is suggesting a correction But price sustaining above 50 SMA will favor bulls for extending this up move.
- Price breaking above the resistance line too will favor bulls.
- GOLD NEAR RESISTANCE LINE
- SILVER RESISTANCE LEVELS
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