- SPY Hour is testing 50 Hour SMA and cloud.
- Sustaining below 50 Hour SMA will favor bears for extending correction.
- If channel support line holds and price moves above 50 Hour SMA then bulls will be able to make an up move.
- GOOGLE AT 200 SMA
January 27, 2012
- SPX hits the monthly resistance line and gave a small correction.
- Daily chart shows a negative day. But the fall for now is limited the resistance line which is acting as support. Any fall and close below the resistance line in daily chart may give an extended correction.
- Four hour chart too shows bearish price action at the top. But price is yet to breakdown below swing lows and important moving averages which will weaken the bullish structure.