May 20, 2012

SPY Weekend update

  • SPY near an important support resistance line. Price has bounced from this line in the recent past. There is also a chance for a bigger breakdown.
  • Price is approaching lower Bollinger band and 50 Week SMA as shown in the weekly charts. If a consolidation happens at the current level without breaking below 50 Week SMA we may see a bounce. Trading below 50 Week SMA will favor bears.

No comments:

Post a Comment