August 1, 2012

SPY Bull Flag and Channel Top

  • 4 Hour chart shows negative price action at the channel resistance line.
  • Smaller time frames like 15 Minutes are showing bullish flag pattern.
  • Hour chart has to sustain above 20 Hour SMA and 138.10 levels for the bull flag to do well. 
  • Price falling below 138.10 will weaken the bull flag pattern.

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