- 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.
My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
February 24, 2011
SPY Support and resistance levels
S&P 500 Before opening bell
- ES Hour chart with Ichimoku cloud and 50 hour moving average.
- Price is trending down below the cloud. Bulls will face stiff resistance until they close price above the cloud.
- Hour time frame is a sell on rise market now. So 50 hour moving average will act as resistance.
- Bulls should close above 1310 and 1320 for regaining strength.
- SPY HOUR CHART ANALYSIS
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