Wednesday, June 20, 2012 9:50:36 AM
From Art Hill ( see if this charts up dateds)
On the 60-minute chart, SPY surged above 135 and has now retraced 61.80% of the May decline.
The trend is clearly up as long as SPY holds the rising wedge, but this advance is getting long on tooth as it hits the 61.80% retracement line.
Broken resistance turns into first support in the 133 area.
RSI support is set at 40.
Note that all three major index ETFs are at their moment-of-truth (61.80% retracement lines).
The Fed meets today with an announcement set for 12:30 and a presser at 14:30.
The market has build in some high expectations so the Fed better deliver.
PS: StockCharts offers a 10 day free trial.
On the 60-minute chart, SPY surged above 135 and has now retraced 61.80% of the May decline.
The trend is clearly up as long as SPY holds the rising wedge, but this advance is getting long on tooth as it hits the 61.80% retracement line.
Broken resistance turns into first support in the 133 area.
RSI support is set at 40.
Note that all three major index ETFs are at their moment-of-truth (61.80% retracement lines).
The Fed meets today with an announcement set for 12:30 and a presser at 14:30.
The market has build in some high expectations so the Fed better deliver.
PS: StockCharts offers a 10 day free trial.
CHARTS: TREND AND MOMENTUM
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