Tuesday, June 22, 2010 2:15:27 PM
SPY 110.70 area as expected (linkback)
mini intraday bounce off its weekly ema34 (purple @ 110.70)
Still strong support at that 109.30 area, also a lot of 'attractors' there in the form of two converging Fibonacci EMA (55 brown, and 89 yellow) along with SMA50(white). Would not be surprised to see us there soon as SMA50(white) attracts and continues to act as oscillation pivot for the price. Notice the yak style flat line @ 109.30 that I drew weeks ago is still there (it is grey in color and hovering just @ the 3 converging moving averages.) The flat style line was drawn during making of this video where I describe (in low volume lol) the reasoning for it:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=50724790
mini intraday bounce off its weekly ema34 (purple @ 110.70)
Still strong support at that 109.30 area, also a lot of 'attractors' there in the form of two converging Fibonacci EMA (55 brown, and 89 yellow) along with SMA50(white). Would not be surprised to see us there soon as SMA50(white) attracts and continues to act as oscillation pivot for the price. Notice the yak style flat line @ 109.30 that I drew weeks ago is still there (it is grey in color and hovering just @ the 3 converging moving averages.) The flat style line was drawn during making of this video where I describe (in low volume lol) the reasoning for it:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=50724790
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