October 13, 2012

SPY Analysis after closing bell

  • Month chart shows the false spike out of the rising wedge and the follow up in favor of bears. If this continues price may target the support line of the wedge.
  • Bears of weekly chart need the sell signal of MACD to confirm. Further extension of the down move will happen once the sell signal happens.
  • Daily chart is holding on to the up trend line. Close below this line should give another fall initially towards 140 levels and further weakness may take spy towards 135 levels. Bulls need to sustain above this trend line and above 50 Day SMA.

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