- Weekly candle has managed to close above 100 Week SMA with Volume increase.
- Price has also managed to close above the weekly cloud after a long gap.
- Next resistance level in weekly chart is at 10.1. This level must be crossed for extending the current up move towards 11 which is the next resistance area.
- SPY BULL FLAG AND BEARISH CANDLE
September 15, 2012
- SPY 5 Minutes shows a bull flag pattern.
- Price has fallen below the cloud of 5 Minutes. So intraday bulls need to get back above the cloud for continuing the trend.
- 4 Hour chart shows a bearish Shooting start or an Inverted hammer candle. This one need price to follow up with a negative candle as confirmation of weakness.