June 3, 2012

SPY Weekend update

  • Weekly chart has closed below 50 Week SMA.
  • Daily chart closed below support levels and 200 DAY sma.
  • 38.2% Fib level too has broken on closing basis. 
  • For bulls day is showing chances of a positive divergence. Price may continue to fall before the divergence takes effect. Immediate resistance levels are 200 Day SMA and 129.55