October 10, 2011

SPY Resistance levels

  • 119.56 is the immediate resistance level for SPY.
  • Price is showing good upward momentum. If price is able to sustain above 119.56 it may move towards 121 levels.
  • Hourly indicators are overbought readings which may lead to some correction. For bulls correction should be limited to 117 levels. Price falling below 117 will favor bears for an extended fall.

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