June 30, 2012

SPY Weekend update

  • SPY Weekly chart has given a bullish engulfing pattern.
  • For bulls price need to sustain above 20 Week SMA and the Golden Ratio shown in 3rd Chart. Trading above Golden ratio should target the 78.6% Fibonacci level area at 138.6.
  • Hope left for bears as the Weekly MACD sell signal has not been negated completely . Bears must hope for weakness near 80% retrace level. Any weakness there will keep the MACD sell signal alive. But i must warn that the momentum in daily has turned in favor of bulls.

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