May 26, 2012

SPY Weekend update

  • Month candle is bouncing from 20 Month SMA.
  • A support line shown in weekly chart seems to be holding price from falling further. 50 Week SMA too is near this support line.
  • If 50 Week SMA holds this bounce may extend till 20 Week SMA. 
  • Weekly MACD sell signal will come into play once more when this bounce looses momentum. further fall when 50 Week SMA Gets broken. Strength on a weekly close above 20 Week SMA.

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