June 24, 2012

  • Crucial resistance for SPY at 20 Week SMA (136.1 ). 
  • Crucial support in daily chart is the 20 Day SMA. There is a stochastic sell signal in daily chart which will be effective on price closing below 20 Day SMA.
  • Weekly MACD Sell signal will be effective as long as price stays below 20 Week SMA. Bearishness can be negated if price starts to stay above 20 Week SMA.


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My Favourite Quote

"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