Active Traders: 5-min SPY Chart Trends (8/12/08)
Asher Pinto
in Intraday Market Commentary, SPY, day trading, intraday charts
|
Comments Off
Intraday support from yesterday/today at 129.90 might be worth watching. A target of 129.00 looms if that level is broken. Otherwise, the minor uptrend is to be expected to take prices higher eventually.
---------------
3:05 PM...
Supports at 129.90 and 129.60 have been broken. The old resistance level at 129.25 is being challenged. A closing below that level will start to cast doubt on whether the minor trend is bullish. A closing below 128.50 is needed in order to bring the minor trend back to trendless.
---------------
4:15 PM...
Managed to close just above old resistance at 129.25, courtesy support from the lower hourly Band, once again. Let's see if resistance continues to provide support tomorrow. Watch the lower hourly Band; if it starts to bends downwards it'll open up the possibility of further downside action over the near-term.
Chart below is the hourly chart.
Email Article to Friend