July 12, 2011

SPY Trend Update

  • Fibonacci levels shows the break of 38.2%  Fib level. If price sustains below this level this will lead to at least 50% retrace. Price moving back above 38.2% may give an intraday up move.
  • 30 Minutes time frame shows price falling below the cloud and 50 Period moving averages. Any rise from here towards the cloud will face selling pressure.
  • SPY MOVES AWAY FROM THE ISLAND

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