- Up move of SPY is accompanied by Low volume candles.
- The candle which made it above the 200 SMA is showing the Lowest volume.
- SPY is yet to close above the resistance line unlike the other charts.
- If volumes pick up next week we may see this continue till 128 levels were the Upper Bollinger band may act as resistance.
December 24, 2011
- For Dow Jones price is above 200 Day SMA and the slopping resistance line.
- One resistance level to cross is the horizontal resistance line at 12284 levels.
- Closing the day and week above this level will help bulls to extend profits.
- If price closes the day below the horizontal line it may trigger a short trade for next week.
All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.