September 29, 2012

SPY Weekend update

  • Crucial support levels for the coming week are 143.09,142.21 and the rising support line shown in first chart.
  • Second chart shows the false breakout from the rising wedge. This can give bigger falls if price starts to trade below 142.21.
  • Last chart shows how the overbought readings can remain overbought while prices continue to move up. A correction is possible if the Stochastic lines fall below 80% line.

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