February 16, 2012

SPY Hour channel Update

CHART-II
  • Resistance line was violated. But there was no clean breakout instead Hour candles are showing indecision at the resistance line. Since the closing is above the resistance line by a small margin bulls have an advantage.
CHART-I
  • SPY Hour near channel resistance.
  • Need a clear breakout here to continue today's up move. Price is likely to give a correction from the current levels.


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