December 28, 2010

SPY Hour chart analysis

  • SPY hour chart with a consolidation pattern.
  • Breakout above the resistance line of the pattern will favor bulls to continue the up trend.
  • Problem for bears is that the price action is happening well above 50 hour moving average. So any correction will get support from 50 hour moving average.
  • 125.10 and 124.30 are important support levels.

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