Thursday, June 28, 2012 2:58:11 PM
SPY_60 From art Hill
With a bounce off support from the mid June lows, the S&P 500 ETF (SPY) is nearing resistance in the 133.5-134 area. Resistance here stems from the 50-61.80% retracement zone, the wedge trendline break and last Friday’s high. Also notice that RSI entered its resistance zone (50-60). Even though the advance is rather steep, it could be a sharp rising flag with the Wednesday afternoon low marking first support. The 5-period EMA of StochRSI is above .80 and overbought. A move back below .40 would signal a downturn in the momentum of momentum (RSI).
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With a bounce off support from the mid June lows, the S&P 500 ETF (SPY) is nearing resistance in the 133.5-134 area. Resistance here stems from the 50-61.80% retracement zone, the wedge trendline break and last Friday’s high. Also notice that RSI entered its resistance zone (50-60). Even though the advance is rather steep, it could be a sharp rising flag with the Wednesday afternoon low marking first support. The 5-period EMA of StochRSI is above .80 and overbought. A move back below .40 would signal a downturn in the momentum of momentum (RSI).
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CHARTS: TREND AND MOMENTUM
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