October 20, 2011

SPY Daily chart Analysis

  • SPY daily is stuck between 50 and 100 SMA. Attempts to break above 100 SMA is not succeeding. So price has to breakout or breakdown below these moving averages for a bigger direction to happen.
  • Indicator like stochastic has been in overbought region for some time now.
  • Attempts to close above daily cloud is not succeeding. Price has to close above it soon or else we may see a bigger fall from the current levels.

No comments:

Post a Comment