- SPY Daily near 50 day sma.and 50% Fibonacci level.
- Weekly stochastic is turning up from over sold levels and has resistance at 20 Week SMA. For a bigger up move price has to sustain above 20 Week SMA.
- Breaking above the parallel channel resistance line should give an up move. As price move up Golden ratio and the daily Ichimoku cloud will be tougher levels to cross. Unable to trade above the parallel channel may result in a sell off.
June 16, 2012
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