March 26, 2011

SPY Weekend update

  • SPY Week and day time frames shows bullish price action for the short term.
  • Week chart has broken the trend line but price is trying to retest the broken trend line so this has resulted in an up move which may continue for next week.
  • Daily chart too has closed and a full candle has formed above 50 day moving average. So Price will continue to move up till it tests 50 dma agian.
  • So For next week one can try to trade on the long side with 50 dma as stop.

EURUSD Near resistance levels

  • EURUSD is near a resistance level in both daily and weekly chart.
  • Cluster of resistance between 1.42 - 1.43 area.
  • Bigger correction may happen only if 50 day moving average gets broken.