August 30, 2011

SPY Trend Update

  • Price in hour chart is near resistance level and 200 Hour moving average. So it is a confluence of resistance and it will take a really strong bull to breakout above this level. Price staying above 200 Hour moving average will change the structure in favor of bulls.
  • Price continue to stay above 50 Hour moving average. Any weakness will be visible if price starts to trade below 50 Hour moving average.

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