Technical Analysis of SPY

SPY, fib retracement, sma, bearish candles, resistance

Resitance around 134.50 (click picture to enlarge)

Yesterday (Firday 5/13)  the SPY’s closed at 134.04 down .77% on the day and below the 20 day SMA of 134.30. What do we expect to see for Monday? Resistance levels are 134.89 using data points on the 1 year chart and 135.02 R4. Looking at support levels 132.77 is a great level of support. It is the 38.2 fib retracement from the recent move on 3/16/11 to 5/2/11,…..

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