February 5, 2012

  • Month closed above the resistance line. February month candle is holding above the high of last month candle which will help bulls to extend the up move.
  • 2nd chart shows the possible target for the range breakout if price holds above last month's high price.
  • 3rd chart shows price closing above 10 day EMA and sustaining above this level till now. Weakness only if price falls below this level.
  • SPY Month chart shows price above the resistance line drawn from 2007 top. But price is also nearing a horizontal resistance line near 137 levels as shown in 2nd chart. Weekly charts also shows Horizontal resistance levels near 135 and 137. Four hour chart does not show any weakness yet may be we can expect weakness to be seen near 135 or 137 levels.


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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore