February 24, 2011

SPY Support and resistance levels

  • First chart is the 15 minutes chart of SPY with support and resistance levels.
  • Move above 131.58 will favor bulls for an intraday up move.
  • Falling below 130.71 and 130.21 will give another down move.
  • 130.21 was the 61.8% Fib level were the correction stopped yesterday. So break of this level will target the GAP area as discussed in YESTERDAY'S POST.

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