Monday, June 14, 2010 9:42:19 AM
SPY weekly, ema34 resistance (purple line)
SPY made it above 109.30 area which is supported by 2 converging ema and the sma50 fast approaching.
Now near the ema34 (purple), look for intra-day resistances @ 110.40 area, and near 111.20 then 112 area.
By end of week the candle might fill the area between the white line (sma50 approx 108.80 currently) and the orange line (ema55 approx 112 area). Remember these colored ema are numbered using Fibonacci series.
109.30 area is the major support for the week that bulls will want to see hold.
spy weekly candles
SPY made it above 109.30 area which is supported by 2 converging ema and the sma50 fast approaching.
Now near the ema34 (purple), look for intra-day resistances @ 110.40 area, and near 111.20 then 112 area.
By end of week the candle might fill the area between the white line (sma50 approx 108.80 currently) and the orange line (ema55 approx 112 area). Remember these colored ema are numbered using Fibonacci series.
109.30 area is the major support for the week that bulls will want to see hold.
spy weekly candles
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